Outlook Therapeutics, Inc. (OTLK) stock plunged 21.15% in the pre-market trading session at the price of $1.23 following the announcement of a $50 million bought deal offering of common stock. Outlook Therapeutics is a leading biopharmaceutical firm. It has developed and launched ONS-5010/ LYTENAVA as the first FDA-approved ophthalmic formulation of bevacizumab to treat retinal indications.
OTLK Published $10 Million Bought Deal Offering
On 23rd November 2021, OTLK published that it had entered into an underwriting deal with H.C. Wainwright & Co., LLC. As per the agreement, the underwriter will purchase 8,000,000 common stock shares of the company at a public price of $1.25 per share. Outlook Therapeutics has also offered the underwriter a 30-day option to purchase an additional 1,200,000 shares at the public offering price.
OTLK has earlier offered its common stock shares under a shelf registration statement on Form S-3 filed on 26th March 2021 that became effective from 1st April 2021. Later, the underwriter has raised the previously announced public offering to 40,000,000 shares at a public price of $1.25 per share. The company will use the net proceeds from the offering for its general corporate purposes. The offering is expected to close on 29th November 2021 and is subject to customary closing conditions.
OTLK Presented NORSE TWO Phase-III Data for ONS-5010 / LYTENAVA
On 13th November 2021, OTLK published safety and efficacy data from the NORSE TWO trial for ONS-5010 at AAO 2021 Annual Conference. ONS-5010 is an investigational ophthalmic formulation of bevacizumab that treats retinal indications. The pivotal trial had enrolled about 228 wet AMD patients at 39 different clinical sites in the United States.
Management Comments
Chief executive officer of OTLK, C. Russell Trenary, remarked that ONS-5010 had the potential to emerge as a valuable tool to treat wet AMD. ONS-5010, the first ophthalmic formulation of bevacizumab, will facilitate patients by providing an alternative for the anti-VEGF treatment. They are moving forward with their plans to submit BLA for wet AMD in the first quarter of 2022. The company is working with other administrative authorities to bring this valuable therapy to the store, he added.
