UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934
(Amendment No. 7)*

 

Outlook Therapeutics, Inc.

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

69012T 206

(CUSIP Number)

 

BioLexis Pte. Ltd.

36 Robinson Road

#13-01 City House

Singapore, 068877

ATTN: Executive Director

Telephone: +962 6 582 7999 (ext. 1104)

 

with a copy to:

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Attn: Brien Wassner

(212) 848-4000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

April 12, 2019

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 


CUSIP No. 69012T 206

13D Page 2 of  10 Pages
1.

Names of Reporting Persons

BioLexis Pte. Ltd.

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨

(b) x

 
3. SEC USE ONLY  
4.

SOURCE OF FUNDS

 

WC

 
5. CHECK B IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨  
6.

CITIZENSHIP OR PLACE OF ORGANIZATION

Singapore

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH:

7.

SOLE VOTING POWER

0

 
8.

SHARED VOTING POWER

 

24,983,551 (1)

 
9.

SOLE DISPOSITIVE POWER

0

 
10.

SHARED DISPOSITIVE POWER

24,983,551 (1)

 
11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

24,983,551 (1)

 
12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨

 
13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

70.9% (2)

 
14.

TYPE OF REPORTING PERSON

IV

 
               

(1)Reflects the 1-for-8 reverse stock split that was effected on March 15, 2019 (the “Reverse Stock Split”) of the common stock, par value $0.01 per share (the “Shares”) of Outlook Therapeutics, Inc., a Delaware corporation (the “Issuer”) and includes (1) an aggregate of 63,250 shares of Series A-1 Convertible Preferred Stock (“Preferred Stock”), which converts into an aggregate of 1,195,295 Shares and (2) warrants to purchase an aggregate of 11,930,580 Shares.

 

(2)This percentage is calculated based upon 22,099,022 Shares outstanding as set forth in the Issuer’s Final Prospectus, as filed with the Securities and Exchange Commission on April 10, 2019, plus (1) warrants to purchase an aggregate of 11,930,580 Shares, and (2) 1,195,295 Shares underlying the Preferred Stock.

 

 

 


CUSIP No. 69012T 206
13D Page 3 of  10 Pages
1.

Names of Reporting Persons

Ghiath M. Sukhtian

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨

(b) x

3. SEC USE ONLY
4.

SOURCE OF FUNDS

 

N/A

5. CHECK B IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨
6.

CITIZENSHIP OR PLACE OF ORGANIZATION

Jordan

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH:

7.

SOLE VOTING POWER

0

8.

SHARED VOTING POWER

 

24,983,551 (1)

9.

SOLE DISPOSITIVE POWER

0

10.

SHARED DISPOSITIVE POWER

24,983,551 (1)

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

24,983,551 (1)

12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

70.9% (2)

14.

TYPE OF REPORTING PERSON

IN

               

(1)Reflects the 1-for-8 reverse stock split that was effected on March 15, 2019 (the “Reverse Stock Split”) of the common stock, par value $0.01 per share (the “Shares”) of Outlook Therapeutics, Inc., a Delaware corporation (the “Issuer”) and includes (1) an aggregate of 63,250 shares of Series A-1 Convertible Preferred Stock (“Preferred Stock”), which converts into an aggregate of 1,195,295 Shares and (2) warrants to purchase an aggregate of 11,930,580 Shares.

 

(2)This percentage is calculated based upon 22,099,022 Shares outstanding as set forth in the Issuer’s Final Prospectus, as filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on April 10, 2019, plus (1) warrants to purchase an aggregate of 11,930,580 Shares, and (2) 1,195,295 Shares underlying the Preferred Stock.

  

 

 


CUSIP No. 69012T 206
13D Page 4 of  10 Pages
1.

Names of Reporting Persons

Arun Kumar Pillai

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ¨

(b) x

3. SEC USE ONLY
4.

SOURCE OF FUNDS

 

N/A

5. CHECK B IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨
6.

CITIZENSHIP OR PLACE OF ORGANIZATION

India

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH:

7.

SOLE VOTING POWER

0

8.

SHARED VOTING POWER

 

24,983,551 (1)

9.

SOLE DISPOSITIVE POWER

0

10.

SHARED DISPOSITIVE POWER

24,983,551 (1)

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

24,983,551 (1)

12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

¨

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

70.9% (2)

14.

TYPE OF REPORTING PERSON

IN

               

(1)Reflects the 1-for-8 reverse stock split that was effected on March 15, 2019 (the “Reverse Stock Split”) of the common stock, par value $0.01 per share (the “Shares”) of Outlook Therapeutics, Inc., a Delaware corporation (the “Issuer”) and includes (1) an aggregate of 63,250 shares of Series A-1 Convertible Preferred Stock (“Preferred Stock”), which converts into an aggregate of 1,195,295 Shares and (2) warrants to purchase an aggregate of 11,930,580 Shares.

 

(2)This percentage is calculated based upon 22,099,022 Shares outstanding as set forth in the Issuer’s Final Prospectus, as filed with the Securities and Exchange Commission on April 10, 2019, plus (1) warrants to purchase an aggregate of 11,930,580 Shares, and (2) 1,195,295 Shares underlying the Preferred Stock.

 

 

 


CUSIP No. 69012T 206
  Page 5 of  10 Pages

 

This Amendment No. 7 (“Amendment No. 7”) to Schedule 13D supplements and amends the statement on Schedule 13D of BioLexis Pte. Ltd. (formerly known as GMS Tenshi Holdings Pte. Limited), a Singapore private limited company (“BioLexis”), Ghiath M. Sukhtian (“Sukhtian”), and Arun Kumar Pillai (“Kumar”) originally filed with the Securities and Exchange Commission (the “SEC”) on September 18, 2017 (the “Original Schedule 13D”), and amended by Amendment Nos. 1, 2, 3, 4, 5 and 6 thereto, filed with the SEC on each of November 1, 2017, June 25, 2018, July 20, 2018, November 9, 2018, January 3, 2019 and February 5, 2019, respectively (together the “Schedule 13D”). Except as otherwise specified in this Amendment No. 7, all items in the Schedule 13D remain unchanged. All capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Original Schedule 13D.

 

The Reporting Persons are filing this Amendment No. 7 to report BioLexis’s purchase in an underwritten public offering that closed on April 12, 2019 (the “Public Offering”) at the combined public offering price of $2.75 per share and accompanying warrants of (i) 3,636,364 Shares together with (ii) 3,636,364 15-month Warrants to purchase an aggregate of 3,636.364 Shares at an exercise price of $2.90 per Share and (iii) 3,636,364 5-year Warrants to purchase an aggregate of 3,636.364 Shares at an exercise price of $2.90 per Share.

 

Item 1. Security and Issuer.

 

 The Schedule 13D relates to the common stock, par value $0.01 per share (the “Shares”), of Outlook Therapeutics, Inc., a Delaware corporation (the “Issuer”), with its principal executive offices located at 7 Clarke Drive, Cranbury, New Jersey 08512.  The Shares are listed on the Nasdaq Capital Market under the ticker symbol “OTLK”.  Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

 

Item 2. Identity and Background.

 

(a) This Amendment No. 7 is being filed by BioLexis, Sukhtian, and Kumar (collectively, the “Reporting Persons”).

 

(b)–(c) Tenshi Life Sciences Private Limited (“Tenshi”), a private investment vehicle of Kumar, and GMS Pharma (Singapore) Pte. Limited (“GMS Pharma”), a private investment company and wholly-owned subsidiary of GMS Holdings, a private investment company (“GMS Holdings”), are the 50:50 beneficial owners of BioLexis in which each of Tenshi and GMS Pharma owns 50% of the outstanding voting shares. Kumar, a natural person, is the holder of a controlling interest in Tenshi. Sukhtian, a natural person, is the holder of a controlling interest in GMS Holdings, which is the holder of a controlling interest in GMS Pharma.

 

The principal office address of BioLexis is 36 Robinson Road, #13-01, City House, Singapore 068877. The principal office address of Kumar is #30, “Galaxy”, 1st Main, J.P. Nagar, 3rd Phase, Bangalore, India 560078. The principal office address of Sukhtian is Zahran Street, 7th Circle Zahran Plaza Building, 4th Floor P.O. Box 142904, Amman, Jordan 11844.

 

 

 


CUSIP No. 69012T 206
  Page 6 of  10 Pages

  

The directors and executive officers of BioLexis are set forth on Schedule I attached hereto. Schedule I sets forth the following information with respect to each such person:

 

  (i) name;

 

  (ii) business address;

 

  (iii) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and

 

  (iv) citizenship.

 

(d)–(e) None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

(f) (i)  Kumar is a citizen of India.

 

  (ii) Sukhtian is a citizen of Jordan.

 

Item 3. Source and Amount of Funds or Other Consideration.

 

On April 12, 2019, BioLexis purchased purchase in the Public Offering at the combined public offering price of $2.75 per share and accompanying warrants (i) 3,636,364 Shares together with (ii) 3,636,364 15-month Warrants to purchase an aggregate of 3,636.364 Shares at an exercise price of $2.90 per Share and (iii) 3,636,364 5-year Warrants to purchase an aggregate of 3,636.364 Shares at an exercise price of $2.90 per Share.. The source of funds for the purchase was the working capital of BioLexis and capital contributions made to BioLexis.

 

Item 4. Purpose of Transaction

 

The Issuer intends to use the net proceeds from the Public Offering primarily to (i) fund the Phase 3 clinical trials for its lead product candidate, ONS-5010, and (ii) for working capital and general corporate purposes, including the scheduled repayments on the senior secured notes.

 

This Schedule 13D relates to the acquisition of the Shares and other securities of the Issuer by the Reporting Persons. The securities acquired by the Reporting Persons were acquired for the purpose of making an investment in the Issuer.

 

 

 


CUSIP No. 69012T 206
  Page 7 of  10 Pages

 

Except as set forth in this Schedule 13D, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries; (d) any change in the present Board or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the Issuer’s capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer’s business or corporate structure; (g) any change in the Issuer’s charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person; (h) causing a class of the Issuer’s securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above.

 

Item 5. Interest in Securities of the Issuer

 

(a)–(b) As of the date of this filing, the Reporting Persons may be deemed, for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares described in Item 6 below. Based upon information contained in the Issuer’s Final Prospectus filed pursuant to Rule 424(b)(4) with the Securities and Exchange Commission on April 10, 2019, together with such Shares deemed to be indirectly beneficially owned by the Reporting Persons constitutes approximately 70.9% of the issued and outstanding Shares. Sukhtian, as the holder of a controlling interest in GMS Holdings, the holder of a controlling interest in GMS Pharma, which owns 50% of the outstanding voting shares of BioLexis, may be deemed to indirectly beneficially own the Shares held by BioLexis. Kumar, as the holder of a controlling interest in Tenshi, which owns 50% of the outstanding voting shares of BioLexis, may also be deemed to indirectly beneficially own the Shares held by BioLexis. As a result, Kumar and Sukhtian share the power to direct the vote and to direct the disposition of the Shares described in Item 6 below.

 

(c) On March 31, 2019, BioLexis received a regular quarterly dividend of 1,542 shares of Preferred Stock pursuant to the terms of such Preferred Stock.
   
(d) Not applicable.

 

(e) Not applicable

 

Item 6. Contracts, Arrangements, Understandings or Relationships with respect to Securities of the Issuer

 

Tenshi, a private investment vehicle of Kumar, and GMS Pharma, a private investment company and wholly-owned subsidiary of GMS Holdings, are the 50:50 beneficial owners of BioLexis, in which each of Tenshi and GMS Pharma owns 50% of the outstanding voting shares. Kumar, a natural person, is the holder of a controlling interest in Tenshi. Sukhtian, a natural person, is the holder of a controlling interest in GMS Holdings, which is the holder of a controlling interest in GMS Pharma. By virtue of such relationships, Kumar and Sukhtian may be deemed to have voting and investment power with respect to the securities held by BioLexis noted above and as a result may be deemed to beneficially own such securities for purposes of Rule 13d-3 under the Exchange Act. As of the date of this Schedule 13D, the number of Shares attributable to BioLexis (assuming conversion of the Preferred Stock and warrants to purchase Shares (“Warrants”) acquired by BioLexis) is 24,983,551. Kumar and Sukhtian may also each be considered to hold indirectly the same 24,983,551 Shares. 

 

 

 


CUSIP No. 69012T 206
  Page 8 of  10 Pages

 

Pursuant to the Investor Rights Agreement (as defined below), BioLexis was granted the right to appoint four representatives to the Issuer’s Board of Directors (the “Board”), and accordingly, the Reporting Persons may have the ability to affect and influence control of the Issuer. BioLexis has designated four representatives to serve on the Board.

 

Investor Rights Agreement

 

On September 11, 2017, the Issuer entered into an investor rights agreement with BioLexis (the “Investor Rights Agreement”) in connection with its initial 2017 purchase in a private placement of securities of the Issuer. Pursuant to the Investor Rights Agreement, the Issuer granted BioLexis certain registration rights with respect to the Shares issuable upon conversion or exercise of such securities, Board designation rights, and information rights, as well as the right of first offer over future issuances of securities and a right of participation in future securities issuances. The Issuer also agreed not to file any registration statement to register for resale the sale of any securities of a third party without BioLexis’ prior consent.

 

Additionally, the Issuer agreed to appoint up to four new directors to be designated by BioLexis, such that BioLexis’ designees represent a majority of the Board. As long as BioLexis maintains beneficial ownership of at least 5% of the Issuer’s outstanding Shares, it shall be entitled to nominate directors to the Board in proportion to its ownership stake in the Issuer. As long as BioLexis maintains beneficial ownership of at least 50% of the Issuer’s outstanding Shares but less than or equal to 57%, BioLexis shall be entitled to nominate a majority of the directors for election to the Board.

 

In connection with the purchase agreement entered into between the Issuer and BioLexis on May 11, 2018 (the “May 2018 Purchase Agreement”), the Issuer and BioLexis amended the Investor Rights Agreement in order to provide BioLexis certain registration and other rights with respect to the Shares acquired pursuant to the May 2018 Purchase Agreement and the Shares that may be issuable upon exercise of the Warrants acquired pursuant to the May 2018 Purchase Agreement (the “Investor Rights Agreement Amendment No. 1”).

 

In connection with the exchange agreement entered into between the Issuer and BioLexis on July 18, 2018 (the “Exchange Agreement”), the Issuer and BioLexis amended the Investor Rights Agreement in order to provide BioLexis certain registration and other rights with respect to the Shares that may be issuable upon conversion of the Preferred Stock acquired pursuant to the Exchange Agreement (the “Investor Rights Agreement Amendment No. 2”).

 

In connection with the purchase agreement entered into between the Issuer and BioLexis on November 5, 2018 (the “November 2018 Purchase Agreement”), the Issuer and BioLexis amended the Investor Rights Agreement in order to provide BioLexis certain registration and other rights with respect to the Shares acquired pursuant to the November 2018 Purchase Agreement (the “Investor Rights Agreement Amendment No. 3”).

 

 

 


CUSIP No. 69012T 206
  Page 9 of  10 Pages

 

The foregoing descriptions of the Investor Rights Agreement, the Investor Rights Agreement Amendment No. 1, the Investor Rights Agreement Amendment No. 2 and the Investor Rights Agreement Amendment No. 3, do not purport to be complete and are qualified in their entirety by reference to the full text of the Investor Rights Agreement, the Investor Rights Agreement Amendment No. 1, the Investor Rights Agreement Amendment No. 2 and the Investor Rights Agreement No. 3, copies of which are filed as Exhibits 2, 3, 4 and 5 to this Schedule 13D, and incorporated herein by reference.

 

Item 7. Material to be Filed as Exhibits

 

Exhibit Description

 

1. Joint Filing Agreement, among GMS Tenshi Holdings Pte. Limited, Ghiath M. Sukhtian, and Arun Kumar Pillai, dated April 16, 2019.

 

2. Investor Rights Agreement by and between Outlook Therapeutics, Inc. and GMS Tenshi Holdings Pte. Limited, dated September 11, 2017 (incorporated by reference to Exhibit 10.3 to the Issuer’s Form 8-K (SEC File No. 001-37759), filed with the SEC on September 11, 2017).

 

3. First Amendment to the Investor Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K (SEC File No. 001-37759), filed with the SEC on May 15, 2018).

 

4.Second Amendment to Investor Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K (SEC File No. 001-37759), filed with the SEC on July 19, 2018).

 

5. Third Amendment to Investor Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer’s Form 8-K (SEC File No. 001-37759), filed with the SEC on November 9, 2018).

 

 

 


CUSIP No. 69012T 206
  Page 10 of  10 Pages

 

Signatures

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: April 16, 2019

 

  BioLexis Pte. Ltd.  
       
       
  By:  /s/ Faisal G. Sukhtian  
  Name: Faisal G. Sukhtian  
  Title:  Director  
       
       
  Ghiath M. Sukhtian  
       
       
  /s/ Ghiath M. Sukhtian  
       
       
  Arun Kumar Pillai  
       
       
  /s/ Arun Kumar Pillai  

 

 

 

 

 

 

Schedule I

 

DIRECTORS AND EXECUTIVE OFFICERS OF

BioLexis Pte. Ltd.

 

The following tables set forth certain information with respect to the directors and executive officers of BioLexis Pte.Ltd.

 

Name, Business Address, Position   Principal Occupation   Citizenship
         

Faisal Ghiath Sukhtian

7th Circle, Zahran St., Zahran Plaza Building, 4th Floor

PO Box 142909

Amman, Jordan 11844

 

Position: Director

  Executive Director at GMS Holdings   Jordan
         

Kwik Poh Choo

5 Ewe Boon Road

Singapore 259316

 

Position: Director

  Director   Singapore
         

Kannan Pudhucode Radhakrishnan

# 30, “Galaxy”, 1st Main,

J.P. Nagar, 3rd Phase,

Bangalore, India 560078

 

Position: Director

  Director at Tenshi Life Sciences Private Limited   India
         

Lau Yim Chu Nancy

36 Robinson Road

#13-01

City House

Singapore 068877

 

Position: Corporate Secretary

  Corporate Secretary   British
         

 

 

 

EXHIBIT 1

  

JOINT FILING AGREEMENT

 

The undersigned hereby agree that this Statement on Schedule 13D, dated April 16, 2019 (the “Schedule 13D”), with respect to the common stock, par value $0.01 per share, of Outlook Therapeutics, Inc. is filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities and Exchange Act of 1934, as amended, and that this Joint Filing Agreement (this “Agreement”) shall be included as an Exhibit to the Schedule 13D. Each of the undersigned agrees to be responsible for the timely filing of the Schedule 13D, and for the completeness and accuracy of the information concerning itself contained therein. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 16th day of April, 2019.

 

  BioLexis Pte. Ltd.  
       
       
  By: /s/ Faisal G. Sukhtian  
  Name: Faisal G. Sukhtian  
  Title:  Director  
       
       
  Ghiath M. Sukhtian  
       
       
  /s/ Ghiath M. Sukhtian  
       
       
  Arun Kumar Pillai  
       
       
  /s/ Arun Kumar Pillai