Outlook Therapeutics Closes Third Tranche of $20-Million Private Placement for Clinical Trials
Outlook Therapeutics, Inc. recently announced it closed on the third tranche (of four) of its $20-million private placement of common stock to BioLexis Pte. Limited, the company’s strategic business partner and largest investor, receiving $4 million of cash proceeds in exchange for the issuance of 4,288,624 shares of common stock at $0.9327 per share. The company has received $16 million to date from the sale of its common stock to BioLexis under this private placement, which was previously announced on November 6, 2018. The remaining $4 million will be funded on February 1, 2019, subject to achieving certain funding milestones as set forth in the purchase agreement.
The company intends to use the net proceeds from the private placement primarily for clinical trials for its lead product candidate, ONS-5010, and for working capital and general corporate purposes, including agreed repayments on its senior secured notes.
BioLexis is a Singapore-based joint venture between Tenshi Life Sciences Private Limited, and GMS Holdings, a private investment company headquartered in Amman, Jordan, owning a portfolio of diversified businesses globally. Together with Strides Shasun and Tenshi Life Sciences, GMS Holdings is a strategic investor in Stelis Biopharma.
Outlook Therapeutics is a clinical-stage biopharmaceutical company focused on developing its lead clinical program, ONS-5010, a proprietary ophthalmic bevacizumab product candidate for the treatment of wet age related macular degeneration (wet AMD). ONS-5010 is currently in its first clinical trial, which is being conducted outside of the US and is designed to serve as the first of two adequate and well controlled studies for wet AMD. For more information, please visit www.outlooktherapeutics.com.
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