Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused
on therapeutics for acute care settings, today announced the
agreement by an accredited healthcare-focused institutional
investor to cash exercise certain warrants to purchase up to an
aggregate of 10,300,430 shares of common stock having an exercise
price of $1.18 issued by the company in December 2020. The shares
of common stock issuable upon exercise of the warrants are
registered pursuant to a registration statement on Form S-3 (File
No. 333-243488). In consideration for the immediate exercise of the
warrants for cash, the company will sell to the exercising holder
an additional warrant pursuant to the registration statement. The
new warrant will be cash exercisable for an aggregate of up to
10,300,430 shares of common stock at an exercise price of $1.60 per
share and have a term of exercise equal to five years. The purchase
price of the additional warrant will be $1,287,553.75, or $0.125
per warrant share.
The gross proceeds to the company from the
exercise of the warrants and the sale of the additional warrants
are expected to be approximately $13,442,061, prior to deducting
placement agent fees and estimated offering expenses.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
Baudax Bio currently intends to use the net
proceeds from the offering for the commercialization of ANJESO®,
pipeline development activities and general corporate purposes.
The shares issuable upon exercise of the
warrants and the issuance of the new warrants described above are
being offered by Baudax Bio pursuant to a “shelf” registration
statement on Form S-3 (File No. 333-243488) filed with the
Securities and Exchange Commission (SEC) on August 10, 2020 and
declared effective on October 2, 2020. The offering of the
securities described herein will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and accompanying prospectus relating to the securities being
offered will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC’s website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, NY 10022, by telephone at (646) 975-6996, or email
at placements@hcwco.com.
This press release does 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 other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About
ANJESO®
ANJESO (meloxicam) injection is a proprietary,
long-acting, preferential COX-2 inhibitor that possesses analgesic,
anti-inflammatory and antipyretic activities, which are believed to
be related to the inhibition of cyclooxygenase type 2 pathway
(COX-2) and subsequent reduction in prostaglandin biosynthesis.
ANJESO was launched in the U.S. in June 2020 following its approval
by the Food and Drug Administration in February 2020. ANJESO is
indicated for the management of moderate to severe pain, alone or
in combination with other non-NSAID analgesics. Because of the
delayed onset of analgesia, ANJESO alone is not recommended for use
when rapid onset of analgesia is required. ANJESO is supported by
two pivotal Phase III clinical efficacy trials, a large
double-blind, placebo-controlled Phase III safety trial and four
Phase II clinical efficacy trials, as well as other safety studies.
As a non-opioid, Baudax Bio believes ANJESO has the potential to
overcome many of the issues associated with commonly prescribed
opioid therapeutics, including respiratory depression,
constipation, excessive nausea and vomiting, as well as having no
addictive potential, while maintaining meaningful analgesic effects
for relief of pain. ANJESO was designed using the NanoCrystal®
platform, a technology that enables enhanced bioavailability of
poorly water-soluble drug compounds. NanoCrystal® is a registered
trademark of Alkermes Pharma Ireland Limited (APIL).
About Baudax Bio
Baudax Bio is a pharmaceutical company focused
on therapeutics for acute care settings. The launch of Baudax Bio’s
first commercial product ANJESO® began in June 2020 following its
approval by the U.S. Food and Drug Administration in February 2020.
ANJESO is a once daily IV NSAID with preferential Cox-2 activity,
which has successfully completed three Phase III clinical trials,
including two pivotal efficacy trials, a large double-blind Phase
III safety trial and other studies for the management of moderate
to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of
other pharmaceutical assets including two novel neuromuscular
blocking agents (NMBAs) and a proprietary chemical reversal agent
specific to these NMBAs which is currently in preclinical studies,
and intranasal dexmedetomidine which is being developed for
possible uses in pain or sedation. For more information please
visit www.baudaxbio.com.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. Such
forward-looking statements reflect Baudax Bio’s expectations about
its future performance and opportunities that involve substantial
risks and uncertainties. When used herein, the words “anticipate,”
“believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,”
“intend,” and “expect,” and similar expressions, as they relate to
Baudax Bio or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information available to Baudax Bio as of the date of
publication on this internet site and are subject to a number of
risks, uncertainties, and other factors that could cause Baudax
Bio’s performance to differ materially from those expressed in, or
implied by, these forward-looking statements. These forward-looking
statements are subject to risks and uncertainties including, among
other things, the completion of the registered direct offering and
the intended use of proceeds from the registered direct offering,
the ongoing economic and social consequences of the COVID-19
pandemic, including any adverse impact on the commercial launch of
ANJESO® or disruption in supply chain, Baudax Bio’s ability to
maintain regulatory approval for ANJESO, Baudax Bio’s ability to
successfully commercialize ANJESO; the acceptance of ANJESO by the
medical community, including physicians, patients, health care
providers and hospital formularies; Baudax Bio’s ability and that
of Baudax Bio’s third party manufacturers to successfully scale-up
our commercial manufacturing process for ANJESO, Baudax Bio’s
ability to produce commercial supply in quantities and quality
sufficient to satisfy market demand for ANJESO, Baudax Bio’s
ability to raise future financing for continued product
development, payment of milestones and ANJESO commercialization,
Baudax Bio’s ability to pay its debt and satisfy conditions
necessary to access future tranches of debt, Baudax Bio’s ability
to comply with the financial and other covenants under its credit
facility, Baudax Bio’s ability to manage costs and execute on our
operational and budget plans, the accuracy of Baudax Bio’s
estimates of the potential market for ANJESO, Baudax Bio’s ability
to achieve its financial goals; and Baudax Bio’s ability to obtain,
maintain and successfully enforce adequate patent and other
intellectual property protection. These forward-looking statements
should be considered together with the risks and uncertainties that
may affect Baudax Bio’s business and future results included in
Baudax Bio’s filings with the Securities and Exchange Commission at
www.sec.gov. These forward-looking statements are based on
information currently available to Baudax Bio, and Baudax Bio
assumes no obligation to update any forward-looking statements
except as required by applicable law.
CONTACT:
Investor Relations Contact: Argot Partners Sam
Martin / Claudia Styslinger (212) 600-1902
baudaxbio@argotpartners.com
Baudax Bio, Inc. Ryan D. Lake (484) 395-2436
rlake@baudaxbio.com
Media Contact: Argot Partners David Rosen (212)
600-1902 david.rosen@argotpartners.com
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