Aytu BioScience (AYTU) Sells 7.83M Shares at $1.15 in Direct Offering

Aytu BioScience, Inc. (NASDAQ: AYTU) entered into a definitive agreement with a single healthcare dedicated institutional investor for the purchase and sale of 7,826,087 shares of Aytu's common stock (or common stock equivalent), at a purchase price of $1.15 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about March 13, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Aytu from this offering are expected to be approximately $9.0 million, before deducting the placement agent's fees and other estimated offering expenses payable by Aytu. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes, and to continue the commercialization of the Company's prescription and consumer health products.

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