Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE DATED MARCH 12, 2020 - AYTU BIOPHARMA, INC | ea119575ex99-1_aytubio.htm |
| EX-10.1 - FORM OF SECURITIES PURCHASE AGREEMENT, DATED MARCH 12, 2020, BY AND BETWEEN THE - AYTU BIOPHARMA, INC | ea119575ex10-1_aytubio.htm |
| EX-4.2 - FORM OF PLACEMENT AGENT'S WARRANTS - AYTU BIOPHARMA, INC | ea119575ex4-2_aytubio.htm |
| EX-4.1 - FORM OF WARRANT - AYTU BIOPHARMA, INC | ea119575ex4-1_aytubio.htm |
| 8-K - CURRENT REPORT - AYTU BIOPHARMA, INC | ea119575-8k_aytubio.htm |
Exhibit 5.1
March 13, 2020
Aytu BioScience, Inc.
373 Inverness Parkway, Suite 206
Englewood, Colorado 80112
Re: Registration Statement on Form S-3 (File No. 333-221735)
Ladies and Gentlemen:
We have acted as counsel Aytu BioScience Inc., a Delaware corporation (the “Company”), in connection with the filing by the Company with the Securities and Exchange Commission (the “Commission”) of a Prospectus Supplement (the “Prospectus Supplement”), dated, to the Prospectus, dated December 1, 2017 included in the Registration Statement on Form S-3 (File No. 333-221735) (the “Registration Statement”) filed by the Company with the Commission under the Securities Act of 1933, as amended (the “Securities Act”), relating to the offer and sale by the Company of (i) 16,000,000 shares of common stock, par value $0.0001 (“Shares”) and (ii) Warrants (the “Warrants”) exercisable for 16,000,000 shares of Common Stock (“Warrant Shares”). The Prospectus Supplement also relates to issuance by the Company of warrants to the placement agent (the “Placement Agent Warrants”) to purchase an aggregate of 1,040,000 shares of common stock (the “Placement Agent Warrant Shares”). The Shares and the Warrants will be sold pursuant to a Securities Purchase Agreement dated March 11, 2020, by and between the Company and the investors named therein (the “Securities Purchase Agreement”).
We have examined such documents and have reviewed such questions of law as we have considered necessary or appropriate for the purposes of our opinions set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements and instruments, that such agreements and instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements and instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinions, we have relied upon certificates or comparable documents of officers and other representatives of the Company and of public officials.
Based on the foregoing, we are of the opinion that:
| 1. | The Shares, when issued and delivered against payment of the consideration therefor specified in the Securities Purchase Agreement, will be validly issued, fully paid and non-assessable. |
| 2. | The Warrants when issued and delivered against payment of the consideration therefor specified in the Securities Purchase Agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. |
Aytu BioScience, Inc.
March 13, 2020
Page 2
| 3. | The Warrant Shares into which the Warrants are initially convertible, when issued and delivered upon exercise of the Warrants in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable. |
| 4. | The Placement Agent Warrants when issued and delivered against payment therefor as described in the registration statement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms. |
| 5. | The Placement Agent Warrant Shares into which the Placement Agent Warrants are initially convertible, when issued and delivered upon exercise of the Warrants in accordance with the terms of the Placement Agent Warrants, will be validly issued, fully paid and non-assessable. |
Our opinions set forth above are subject to the following qualifications and exceptions:
| (a) | Our opinions set forth in paragraphs 2 and 4 above are subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law relating to or affecting creditors’ rights generally (including, without limitation, fraudulent conveyance laws). |
| (b) | Our opinions set forth in paragraphs 2 and 4 above are subject to the effect of general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, regardless of whether considered in a proceeding in equity or at law. |
| (c) | Our opinions set forth in paragraphs 2 and 4 above are subject to limitations regarding the availability of indemnification and contribution where such indemnification or contribution may be limited by applicable law or the application of principles of public policy. |
| (d) | We express no opinion as to the enforceability of (i) provisions that relate to choice of law, forum selection or submission to jurisdiction (including, without limitation, any express or implied waiver of any objection to venue in any court or of any objection that a court is an inconvenient forum) to the extent that the validity, binding effect or enforceability of any such provision is to be determined by any court other than a state court of the State of New York, (ii) waivers by the Company of any statutory or constitutional rights or remedies, (iii) terms which excuse any person or entity from liability for, or require the Company to indemnify such person or entity against, such person’s or entity’s negligence or willful misconduct or (iv) obligations to pay any prepayment premium, default interest rate, early termination fee or other form of liquidated damages, if the payment of such premium, interest rate, fee or damages may be construed as unreasonable in relation to actual damages or disproportionate to actual damages suffered as a result of such prepayment, default or termination. |
| (e) | We draw your attention to the fact that, under certain circumstances, the enforceability of terms to the effect that provisions may not be waived or modified except in writing may be limited. |
Aytu BioScience, Inc.
March 13, 2020
Page 3
Our opinions expressed above are limited to the laws of the State of New York and the Delaware General Corporation Law.
We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Commission on the date hereof, which Current Report on Form 8-K will be incorporated by reference into the Registration Statement, and to the reference to our firm under the heading “Legal Matters” in the Prospectus Supplement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ Dorsey & Whitney LLP