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ONS

Oncobiologics

$0.98

0.08 (8.89%)

09:02
11/06/18
11/06
09:02
11/06/18
09:02

Oncobiologics receives equity financing committment for $20M

Oncobiologics announced that it has received an equity financing commitment for $20 million and restructured and extended the maturity of its senior secured notes that were previously scheduled to mature on December 22, 2018. In combination with these improvements to its balance sheet, the Company has committed to reduce expenses, sell or license the rights to some or all of its clinical stage biosimilar assets and to explore strategic options for its manufacturing plant. On November 5, 2018, Oncobiologics entered into a purchase agreement with BioLexis Pte. Limited, the Company's strategic business partner and largest investor, providing for the private placement of $20.0 million of shares of its common stock at $0.9327 per share, the Nasdaq "minimum price" on that date. The closing of the sale of the first tranche of this private placement for an aggregate of 8,577,248 shares of Oncobiologics' common stock for aggregate cash proceeds of $8.0 million is expected to occur on or about November 7, 2018, subject to customary closing conditions. The remaining $12.0 will fund in three equal tranches on each of December 3, 2018, January 3, 2019 and February 1, 2019, as set forth in the purchase agreement. Oncobiologics intends to use the net proceeds from the private placement primarily for clinical trials for its lead product candidate, ONS-5010, and for working capital and general corporate purposes, including the agreed repayments on the senior secured notes. Also on November 5, 2018, Oncobiologics reached an agreement with the holders of its senior secured notes to extend the maturity of the senior secured notes, which have a face value of $13.5 million, up to 12 months, or until December 22, 2019, in exchange for making several payments of principal and interest through August 31, 2019, subject to meeting additional capital raising commitments, with an initial payment of $2.2 million payable upon initial closing of sale of shares to BioLexis. In addition, Oncobiologics agreed to make the senior secured notes convertible into common stock at a price of 1.11924 per share and reduced the strike price of the warrants held by such holders to $1.50 and extended the expiration of these warrants by three years. Oppenheimer & Co. Inc. acted as financial advisor to Oncobiologics in connection with the restructuring of its senior secured notes.

ONS Oncobiologics
$0.98

0.08 (8.89%)

01/29/18
LEHM
01/29/18
DOWNGRADE
Target $1.5
LEHM
Equal Weight
Oncobiologics downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Douglas Tsao downgraded Oncobiologics to Equal Weight and cut his price target for the shares to $1.50 from $11. The analyst sees a lack of clarity in the go forward business. His new price target reflects removal of U.S. Humira and Avastin biosimilar opportunities and the addition of contract manufacturing and emerging market revenues.
01/29/18
01/29/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Starbucks (SBUX) downgraded to Market Perform from Outperform at Bernstein with analyst Sara Senatore saying she believes the business mix is clearly shifting toward China just not fast enough to offset the U.S. The analyst also lowered her price target for $64 from $67. 2. CBS (CBS) downgraded to Market Perform from Outperform at Wells Fargo with analyst Marci Ryvicker saying she does not like the company's potential merger with Viacom (VIAB). 3. Oncobiologics (ONS) downgraded to Equal Weight from Overweight at Barclays with analyst Douglas Tsao saying he sees a lack of clarity in the go forward business. 4. Alliance Data (ADS) downgraded to Market Perform from Outperform at Cowen with analyst George Mihalos saying believes the shares are reaching fair value and that many of its catalysts from 2018 will not repeat over the intermediate term. 5. Fortis (FTS) downgraded to Underperform from Sector Perform at National Bank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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