Optinose Announces $55 Million Registered Direct Offering

Led by Nantahala Capital and The D. E. Shaw Group with participation from existing and new investors

Post-offering cash balance of ~$100 million expected to fund operating plan through 2025

Company expects XHANCE net revenues to be between $85 to $95 million for full year 2024    

YARDLEY, Pa., May 09, 2024 (GLOBE NEWSWIRE) -- Optinose (NASDAQ:OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today announced that it has entered into agreements for the sale of approximately $55 million of its common stock and pre-funded common stock warrants to a group of existing and new institutional investors in a registered direct offering.

In the registered direct offering, the Company is selling 31,800,000 shares of its common stock at a price of $1.00 per share, representing the average closing price of the Company’s common stock on the Nasdaq Global Select Market for the five trading days immediately preceding the signing of the binding agreement prior to market close on May 8, 2024. In addition, the Company is selling to certain investors pre-funded warrants to purchase up to an aggregate of 23,700,000 shares of its common stock at a price of $0.999 per each pre-funded warrant, which represents the per share offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The gross proceeds from the offering are expected to be approximately $55 million, before deducting estimated offering expenses. The registered direct offering is expected to close on or about May 10, 2024, subject to the satisfaction of customary closing conditions.

The financing is being led by Nantahala Capital and the D. E. Shaw group with participation from multiple other new and existing healthcare focused investors.

“We appreciate the support of this group of new and existing investors,” said Ramy Mahmoud, MD, MPH, CEO of Optinose. “The landmark efficacy evidence from two controlled trials, followed by the first-ever FDA approval of XHANCE as a prescription treatment for chronic rhinosinusitis without nasal polyps is a strong foundation for pursuing future growth opportunities. We expect the post-offering cash and cash equivalents of approximately $100 million to fund operations and debt service obligations through 2025. With a strengthened financial footing, our team looks forward to helping millions of patients suffering from chronic sinusitis by making the first effective prescription treatment broadly available. Right now, our launch is focused on a specialty prescriber audience, and we expect XHANCE net revenues to be between $85 to $95 million for full year 2024,” he concluded.