Baudax Bio Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
April 01 2021 - 7:00AM
Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused
on therapeutics for acute care settings, today announced that the
Compensation Committee of Baudax Bio’s Board of Directors approved
an inducement grant of stock options to purchase an aggregate of
7,500 shares of Baudax Bio’s common stock and restricted stock
units covering 2,000 shares of Baudax Bio’s common stock in
connection with one newly-hired employee with a grant date of March
31, 2021. The equity award was granted pursuant to the Nasdaq Rule
5635(c)(4) inducement grant exception as a component of the
individual’s employment compensation and was granted as an
inducement material to his acceptance of employment with Baudax
Bio.
The options have an exercise price equal to
$1.29 per share, the closing price of Baudax Bio’s common stock as
reported by Nasdaq on March 31, 2021. The options have a ten-year
term and vest over four years, with 25% of the number of shares
underlying the stock option vesting on the one-year anniversary of
the grant date and the remaining shares vesting monthly over 36
months thereafter. The restricted stock units vest annually over
four years. The equity awards are subject to the employee’s
continued service with Baudax Bio through the applicable vesting
dates.
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 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 PartnersSam Martin / Claudia
Styslinger(212) 600-1902baudaxbio@argotpartners.com
Media Contact:Argot PartnersDavid Rosen(212)
600-1902david.rosen@argotpartners.com
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