Outlook Therapeutics Announces $10.0 Million Bought Deal Offering of Common Stock

Outlook Therapeutics Announces $10.0

Million Bought Deal Offering of Common Stock

MONMOUTH JUNCTION, N.J., January 28,

2021 (GLOBE NEWSWIRE)- Outlook Therapeutics, Inc. (Nasdaq: OTLK) ("Outlook Therapeutics"), a late

clinical-stage biopharmaceutical company working to develop the first FDA-approved ophthalmic formulation of bevacizumab-vikg

for use in retinal indications, today announced that it has entered into an underwriting agreement with H.C. Wainwright &

Co., LLC under which the underwriter has agreed to purchase on a firm commitment basis 10,000,000 shares of common stock of Outlook

Therapeutics, at a price to the public of $1.00 per share, less underwriting discounts and commissions. The closing of the offering

is expected to occur on or about February 2, 2021, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as

the sole book-running manager for the offering.

Outlook Therapeutics also has granted

to the underwriter a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the public offering price,

less underwriting discounts and commissions. The gross proceeds to Outlook Therapeutics, before deducting underwriting discounts

and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock,

are expected to be approximately $10 million.

Outlook Therapeutics intends to use the

net proceeds from the offering for working capital and general corporate purposes, including in support of its ONS-5010 development

The shares of common stock are being offered

by Outlook Therapeutics pursuant to a base shelf registration statement on Form S-3 (File No. 333-231922) originally filed with

the Securities and Exchange Commission (the "SEC") on June 3, 2019 and declared effective by the SEC on June 26, 2019.

The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming

a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and

describing the terms of, the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.

Electronic copies of the preliminary prospectus supplement and accompanying prospectus may also be obtained, when available, by

contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or

e-mail at placements@hcwco.com.

This 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.

About Outlook Therapeutics, Inc.

Outlook Therapeutics is a late clinical-stage

biopharmaceutical company working to develop ONS-5010/LYTENAVA (bevacizumab-vikg) as the first FDA-approved ophthalmic

formulation of bevacizumab-vikg for use in retinal indications, including wet AMD, DME and BRVO. If ONS-5010 is approved, Outlook

Therapeutics expects to commercialize it as the first and only FDA-approved ophthalmic formulation of bevacizumab-vikg for use

in treating a range of retinal diseases in the United States, United Kingdom, Europe, Japan, China and other markets. Outlook

Therapeutics expects to file ONS-5010 with the U.S. FDA as a new BLA under the PHSA 351(a) regulatory pathway, initially for wet

AMD. For more information, please visit www.outlooktherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking

statements. All statements other than statements of historical facts are "forward-looking statements," including those

relating to future events. In some cases, you can identify forward-looking statements by terminology such as "intend,"

"will," "potential," "may," "might," "should," "expect,"

"plan," "anticipate," "project," "believe," "estimate," "predict"

or "continue," the negative of terms like these or other comparable terminology, and other words or terms of similar

meaning. These include, without limitation, statements related to our ability to close the offering and the use of proceeds from

the offering. Although Outlook Therapeutics believes that it has a reasonable basis for the forward-looking statements contained

herein, they are based on current expectations about future events affecting Outlook Therapeutics and are subject to risks, uncertainties

and factors relating to its operations and business environment, all of which are difficult to predict and many of which are beyond

its control. These risk factors include those risks detailed in Outlook Therapeutics' filings with the Securities and Exchange

Commission. These risks may cause actual results to differ materially from those expressed or implied by forward-looking statements

in this press release. All forward-looking statements included in this press release are expressly qualified in their entirety

by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which

speak only as of the date hereof. Outlook Therapeutics does not undertake any obligation to update, amend or clarify these forward-looking

statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities

Assistant Vice President

Chief Executive Officer