Baudax Bio Announces $17.6 Million Offering Priced At-the-Market under Nasdaq Rules
February 08 2021 - 3:24PM
Baudax Bio, Inc. (NASDAQ:BXRX), a pharmaceutical company focused on
therapeutics for acute care settings, (“Baudax Bio” or the
“Company”) today announced that it has entered into a definitive
agreement with institutional and accredited investors for the
purchase and sale of an aggregate of 11,000,000 shares of common
stock at a purchase price of $1.60 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 February 10, 2021,
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 Baudax Bio from the
offering are expected to be approximately $17.6 million. 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 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, the
satisfaction of customary closing conditions related to 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 our business and future
results included in our filings with the Securities and Exchange
Commission at www.sec.gov. These forward-looking statements are
based on information currently available to us, and we assume 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)
600-1902david.rosen@argotpartners.com
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