Outlook Therapeutics drops on $55 mln stock-and-warrants offering
BUZZ-Outlook Therapeutics drops on $55 mln stock-and-warrants offering ** Shares of Outlook Therapeutics OTLK.O down ~23% at $0.85 premarket after $55 mln follow-on priced
** New Jersey-based biopharma late Weds announced ~55.6 mln shares and accompanying warrants at $0.99
** 5-yr warrants are exercisable immediately and have exercise price of $1.10, matching stock's last sale on Weds
** Co, which has ~187 mln shares outstanding, intends to use net offering proceeds to support commercialization of its eye-disease drug, Lytenava, in the U.S., and for working capital and other purposes
** On Jul 24, U.S. FDA approved the drug to treat wet age-related macular degeneration (AMD)
** Piper Sandler and BTIG are joint bookrunners for offering
** At Weds close, OTLK shed 30% YTD
** Avg rating of 4 analysts covering OTLK is "buy"; median PT $5, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))