Outlook Therapeutics, Inc. (NASDAQ: OTLK) closed a public offering of 20 million shares of common stock and accompanying warrants, raising $5 million in gross proceeds before fees and expenses.

The biopharmaceutical company sold each share of common stock and accompanying warrant at a combined price of $0.25. The warrants allow holders to purchase up to 20 million additional shares at an exercise price of $0.25 per share. The warrants are exercisable immediately and expire five years from issuance.

If all warrants are exercised for cash, Outlook Therapeutics could receive approximately $5 million in additional gross proceeds. The company stated it intends to use net proceeds primarily for working capital and general corporate purposes.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The securities were offered under a shelf registration statement on Form S-3 that became effective with the Securities and Exchange Commission in April 2024.

Outlook Therapeutics focuses on developing bevacizumab treatments for retinal diseases. The company markets LYTENAVA (bevacizumab gamma) in Germany, Austria, and the UK for wet age-related macular degeneration treatment after receiving European Commission and MHRA marketing authorization. In the United States, the company's ONS-5010/LYTENAVA (bevacizumab-vikg) remains investigational.