BioVie Announces Closing of Public Offering of Common Stock
September 23 2020 - 8:00AM
BioVie Inc. (NASDAQ:BIVI) ("BioVie" or "Company"), a clinical-stage
company developing innovative drug therapies for liver disease,
today announced that it has closed its previously announced
underwritten public offering of Class A common stock, including the
full exercise of the underwriters’ overallotment option, resulting
in aggregate gross proceeds to the Company of $18.0 million. The
Class A common stock sold in the offering has been approved for
listing on the Nasdaq Capital Market under the symbol “BIVI.” After
deducting underwriting fees and other offering expenses payable by
the Company, the net proceeds to the Company were approximately
$15.8 million.
The Company intends to use the net proceeds from
the offering primarily to fund clinical trials of its lead product
candidate BIV201 and for working capital and other general
corporate purposes.
ThinkEquity, a division of Fordham Financial
Management, Inc., and Kingswood Capital Markets, division of
Benchmark Investments, Inc. acted as joint book-running managers
for the offering.
The Securities and Exchange Commission ("SEC")
declared effective a registration statement on Form S-1 relating to
these securities on September 17, 2020 and an additional
registration statement on Form S-1 relating to the offering was
filed pursuant to Rule 462(b), which became effective upon filing.
A final prospectus relating to this offering has been filed with
the Securities and Exchange Commission. The offering has been made
only by means of a prospectus. Copies of the prospectus relating to
the offering may be obtained by contacting ThinkEquity, 17 State
Street, 22nd Floor, New York, NY 10004, telephone (877) 436-3673,
email: prospectus@think-equity.com. Investors may also obtain these
documents at no cost by visiting the SEC's website at
http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About BioVie and BIV201
BioVie Inc. is developing BIV201 (continuous
infusion terlipressin) an Orphan Drug candidate for the treatment
of ascites due to advanced liver cirrhosis. First-to-market Orphan
therapies typically receive 7 years of market exclusivity in the US
for the designated use(s). It is being investigated as a potential
new therapy for patients suffering from ascites, and future
development opportunities include hepatorenal syndrome (HRS) and
other life-threatening complications of advanced liver cirrhosis.
The initial disease target for BIV201 therapy is ascites, which is
a serious complication of advanced liver cirrhosis. The Company has
completed a Phase 2 clinical trial protocol that is summarized
on www.clinicaltrials.gov, trial identifier NCT04112199. The
FDA has never approved any drug specifically for treating ascites,
and the Company is not aware of any competing drugs in late-stage
development for ascites. The active agent in BIV201, terlipressin,
is approved for use in about 40 countries for the treatment of
related complications of advanced liver cirrhosis but is not
available in the US or Japan.
The Company has invented a patent-pending
prefilled syringe that has been cleared for use in our upcoming
Phase 2 trial subject to certain additional standard analytical
tests. This novel BIV201 delivery system is expected to greatly
simplify at-home patient treatment and improve patient compliance
by enabling easy injection of the liquid concentrate into the IV
bag connected to the infusion pump. Room temperature stability has
been achieved for 9 months providing an important advantage
because, to the best of the Company’s knowledge, all other
terlipressin products sold globally must be stored under
refrigeration. The novel prefilled syringe format also avoids the
manual mixing of minute (2 – 4 mg) quantities of terlipressin
powder in saline solution, thereby reducing the possibility of
dosing errors during reconstitution and improving sterility. BioVie
has begun applying for global patent protection for this novel
terlipressin delivery system. The Company has also received Orphan
Drug designation for the treatment of hepatorenal syndrome (HRS)
and has FDA Fast Track status. For more information, visit
http://www.biovieinc.com/
Forward-Looking Statements
This press release contains forward-looking
statements, which may be identified by words such as "expect,"
"look forward to," "anticipate" "intend," "plan," "believe,"
"seek," "estimate," "will," "project" or words of similar meaning.
Although BioVie Inc. believes such forward-looking statements are
based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Actual results may vary materially
from those expressed or implied by the statements herein due to the
Company’s ability to successfully raise sufficient capital on
reasonable terms or at all, available cash on hand and contractual
and statutory limitations that could impair our ability to pay
future dividends, our ability to complete our clinical trials and
to obtain approval for our product candidates, to successfully
defend potential future litigation, changes in local or national
economic conditions as well as various additional risks, many of
which are now unknown and generally out of the Company’s control,
and which are detailed from time to time in reports filed by the
Company with the SEC, including quarterly reports on Form 10-Q,
reports on Form 8-K and annual reports on Form 10-K. BioVie Inc.
does not undertake any duty to update any statements contained
herein (including any forward-looking statements), except as
required by law.
Contact:
INVESTOR RELATIONS:Dave Gentry, CEORedChip Companies
Inc.407-491-4498dave@redchip.com
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