Full Press Release Details
Outlook Therapeutics Announces Warrant
Restructuring of Senior Secured Notes
in Separate Transactions
CRANBURY, N.J., December
23, 2019 - Outlook Therapeutics, Inc. (NASDAQ: OTLK) (the "Company"), a late clinical-stage biopharmaceutical
company working to develop the first FDA-approved ophthalmic formulation of bevacizumab for use in retinal indications,
today announced that it has taken action to improve the Company's balance sheet through two separate transactions.
Effective December 23, 2019, with consent of the required holders
of the Outlook Therapeutics warrants issued in April 2019 (the "Warrants") in an underwritten public offering, the
Company amended the Warrants to reduce the exercise price to $0.232 per warrant and allow for the immediate exercise of the Warrants.
In addition, the expiration date of the Warrants has been changed to 5:00 pm EST on December 24, 2019. All Warrants not exercised
by the new termination date will be automatically settled on a cashless exercise basis immediately prior thereto. The transaction
was done to eliminate the Warrants as they included anti-dilution protection, which negatively impacted the ability of Outlook
Therapeutics to raise additional funds. H.C. Wainwright & Co. acted as the exclusive financial advisor for this transaction.
Separately, effective
December 20, 2019, the Company issued approximately $7.6 million principal amount of new senior secured notes (the "New Notes")
in exchange for approximately $7.3 million principal amount and accrued interest on its outstanding senior secured notes (the "Old
Notes") that were due on December 22, 2019 and originally issued in December 2016. The New Notes bear interest at a rate
of 12% per annum, have a maturity date of December 31, 2020, with the ability to extend at the Company's option to June 30,
2021 for an additional fee equal to 3% of the outstanding balance, and are convertible into shares of the Company's common
stock beginning April 1, 2020.
The senior secured note
exchange was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) thereof.
Other material terms related
to the warrant amendment, senior note exchange agreement and terms of the New Notes can be found in the Company's current
report on Form 8-K, which will be filed with the Securities and Exchange Commission.
This news release shall
not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Warrants, New Notes or
the securities underlying such Warrants or New Notes in any state or jurisdiction in which such offer, solicitation or sale would
be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Outlook Therapeutics, Inc.
Outlook Therapeutics is a late clinical-stage biopharmaceutical
company working to develop the first FDA-approved ophthalmic formulation of bevacizumab for use in retinal indications, including
wet AMD, DME and BRVO. If ONS-5010, its investigational ophthalmic formulation of bevacizumab, is approved, Outlook Therapeutics
expects to commercialize it as the first and only on-label approved ophthalmic formulation of bevacizumab for use in treating
retinal diseases in the United States, Europe, Japan and other markets. Outlook Therapeutics is listed on the Nasdaq Capital Market
(NASDAQ: OTLK). For more information, please visit www.outlooktherapeutics.com.
Outlook Therapeutics:
Chief Executive Officer and Chief Financial Officer
Media Relations Specialist
LaVoie Health Science
LifeSci Advisors, LLC