Shearman & Sterling represented GMS Ventures and Investments in connection with its purchase of 14,230,418 shares of common stock of Outlook Therapeutics in a registered direct offering. Outlook Therapeutics sold a total of 28,460,831 shares in the offering at an offering price of $0.8784 per share, for aggregate gross proceeds of approximately $25 million. Outlook Therapeutics intends to use the net proceeds of the offering for support of its ONS-5010 development program, as well as for working capital and other general corporate purposes.
GMS Ventures and Investments is a subsidiary of GMS Holdings, a diversified investment company that manages investments across several geographies and sectors, including pharmaceuticals, telecommunications, contracting, oilfield services, and agriculture. GMS Ventures and Investments is the largest stockholder of Outlook Therapeutics.
Outlook Therapeutics is a biopharmaceutical company working to develop and launch the first FDA-approved ophthalmic formulation of bevacizumab for use in retinal indications.