Full Press Release Details
Announces $9.0 Million Registered Direct Offering Priced At-the-Market
CO / ACCESSWIRE / March 11, 2020 / Aytu BioScience, Inc. (NASDAQ:AYTU), a specialty pharmaceutical company focused on
commercializing novel products that address significant patient needs, today announced that
it has entered into a definitive agreement with a single healthcare dedicated institutional investor for the purchase and sale
of 7,826,087 shares of Aytu's common stock (or common stock equivalent), at a purchase price of $1.15 per share, in
a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about March
13, 2020, subject to the satisfaction of customary closing conditions.
Wainwright & Co. is acting as the exclusive placement agent for the offering.
gross proceeds to Aytu from this offering are expected to be approximately $9.0 million, before deducting the placement agent's
fees and other estimated offering expenses payable by Aytu. The Company intends to use the net proceeds from this offering for
working capital, general corporate purposes, and to continue the commercialization of the Company's prescription and consumer
securities are being offered by Aytu pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221735)
previously filed with the Securities and Exchange Commission (the "SEC") on November 22, 2017 and declared
effective by the SEC on December 1, 2017. The offering of the securities will be made only by means of a prospectus, including
a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying
prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or
by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(646) 975-6996 or e-mail at placements@hcwco.com.
press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be
any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such state or other jurisdiction.
Aytu BioScience, Inc.
BioScience is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant
patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric
markets. The primary care portfolio includes (i) Natesto , the only FDA-approved nasal formulation of testosterone for men
with hypogonadism (low testosterone, or "Low T"), (ii) ZolpiMist , the only FDA-approved oral spray prescription
sleep aid, and (iii) Tuzistra XR, the only FDA-approved 12-hour codeine-based antitussive syrup. The pediatric portfolio
includes (i) AcipHex Sprinkle , a granule formulation of rabeprazole sodium, a commonly prescribed proton pump inhibitor;
(ii) Cefaclor, a second-generation cephalosporin antibiotic suspension; (iii) Karbinal ER, an extended-release carbinoxamine
(antihistamine) suspension indicated to treat numerous allergic conditions; and (iv) Poly-Vi-Flor and Tri-Vi-Flor , two
complementary prescription fluoride-based supplement product lines containing combinations of fluoride and vitamins in various
for infants and children with fluoride deficiency. Aytu recently acquired exclusive U.S. distribution rights to the COVID-19 IgG/IgM
Rapid Test. This coronavirus test is a solid phase immunochromatographic assay used in the rapid, qualitative and differential
detection of IgG and IgM antibodies to the 2019 Novel Coronavirus in human whole blood, serum or plasma. This point-of-care test
has been validated in a 113 patient clinical trial and has received CE marking.
recently acquired Innovus Pharmaceuticals, a specialty pharmaceutical company commercializing, licensing and developing safe and
effective consumer healthcare products designed to improve men's and women's health and vitality. Innovus commercializes over
thirty-five consumer health products competing in large healthcare categories including diabetes, men's health, sexual wellness
and respiratory health. The Innovus product portfolio is commercialized through direct-to-consumer marketing channels utilizing
the company's proprietary Beyond Human marketing and sales platform.
strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise
to build leading brands within large therapeutic markets. For more information visit aytubio.com and visit innovuspharma.com to
learn about the company's consumer healthcare products.
press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical
facts contained in this presentation, are forward-looking statements. Forward-looking statements are generally written in the
future tense and/or are preceded by words such as ''may,'' ''will,'' ''should,'' ''forecast,'' ''could,'' ''expect,'' ''suggest,''
''believe,'' ''estimate,'' ''continue,'' ''anticipate,'' ''intend,'' ''plan,'' or similar words, or the negatives of such terms
or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks and
uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among
others: market and other conditions, the completion of the registered direct offering, the satisfaction of customary closing conditions
related to the registered direct offering and the intended use of net proceeds from the registered direct offering, the regulatory
and commercial risks associated with introducing the COVID-19 Rapid Test, effects of the business combination of Aytu and the
Commercial Portfolio and the recently completed merger ("Merger") with Innovus Pharmaceuticals, including the combined
company's future financial condition, results of operations, strategy and plans, the ability of the combined company to realize
anticipated synergies in the timeframe expected or at all, changes in capital markets and the ability of the combined company
to finance operations in the manner expected, the diversion of management time on Merger-related issues and integration of the
Commercial Portfolio, the ultimate timing, outcome and results of integrating the operations the Commercial Portfolio and Innovus
with Aytu's existing operations, risks relating to gaining market acceptance of our products, obtaining or maintaining reimbursement
by third-party payors for our prescription products, the potential future commercialization of our product candidates, the anticipated
start dates, durations and completion dates, as well as the potential future results, of our ongoing and future clinical trials,
the anticipated designs of our future clinical trials, anticipated future regulatory submissions and events, our anticipated future
cash position and future events under our current and potential future collaboration. We also refer you to the risks described
in ''Risk Factors'' in Part I, Item 1A of the company's Annual Report on Form 10-K and in the other reports and documents we file
with the Securities and Exchange Commission from time to time.