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Oncobiologics Announces Conversion of Majority of Series A Convertible Preferred StockCRANBURY, N.J., June 20, 2018 (GLOBE NEWSWIRE) -- Oncobiologics, Inc. (NASDAQ:ONS) (the “Company”) today announced that GMS Tenshi Holdings Pte. Limited (“GMS Tenshi”), the Company’s strategic business partner and largest investor, has converted 80% of its Series A convertible preferred stock (Series A) into common stock (or 208,836 shares of Series A into 31,572,617 shares of the Company’s common stock). The Company and GMS Tenshi also reached agreement in principle to exchange the remaining 52,209 shares of Series A held by GMS Tenshi (which are currently convertible into an additional 7,893,155 shares of common stock) for a new Series A-1 issue of convertible preferred stock (Series A-1). The Series A-1 is intended to have the same conversion and dividend features as the Series A, but reflect an increased redemption premium and increased liquidation preference that provides GMS Tenshi with similar redemption premium and liquidation preference as before the conversion. “We greatly appreciate this strong show of confidence in the future of Oncobiologics and the direction we are taking,” said Lawrence A. Kenyon, Oncobiologics Chief Financial Officer and interim Chief Executive Officer. “GMS Tenshi has been an extremely supportive strategic partner and investor and we look forward to working together as we continue to build the Company and work to maximize valu for all of our stockholders.” About GMS Tenshi Holdings Pte. Limited About Oncobiologics, Inc. and its BioSymphony™ Platform CONTACTS: Oncobiologics: Media & Investors: |