Baudax Bio Announces Pricing of $10.0 Million Public Offering
February 24 2022 - 11:23PM
Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a
pharmaceutical company focused on commercializing and developing
innovative products for acute care settings, announced the pricing
of its previously announced underwritten public offering of
3,508,772 shares of common stock (or common stock equivalents),
together with warrants to purchase up to an aggregate of 3,508,772
shares of common stock (the “Offering”). Each share of common stock
(or common stock equivalent) is being sold together with one
warrant to purchase one share of common stock at a combined public
offering price of $2.85 per share of common stock and accompanying
warrant, less the underwriting discounts and commissions. The
warrants have an exercise price of $3.25 per share, are exercisable
immediately, and will expire five years following the date of
issuance. The Offering is expected to close on or about March 1,
2022, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book running manager for the Offering.
In addition, the Company has granted the
underwriter an option to purchase up to an additional 526,315
shares of common stock and/or warrants to purchase up to an
additional 526,315 shares of common stock at the public offering
price, less the underwriting discounts and commissions.
The gross proceeds from the Offering to the
Company, before deducting underwriting discounts and commissions
and other Offering expenses and excluding any proceeds that may be
received upon exercise of the warrants to purchase shares of common
stock and the underwriter’s option to purchase additional shares of
common stock and/or warrants, are expected to be approximately
$10.0 million. The Company currently intends to use the net
proceeds from this Offering for the commercialization of ANJESO,
pipeline development activities, and general corporate
purposes.
The securities described above are being offered
pursuant to an effective “shelf” registration statement (File No.
333-253117) that was filed with the Securities and Exchange
Commission (the “SEC”) and was declared effective by the SEC on
September 2, 2021. The securities may be offered only by means of a
prospectus supplement and an accompanying base prospectus. A
preliminary prospectus supplement and accompanying prospectus
describing the terms of the Offering has been filed with the SEC
and are available on the SEC’s website located at
http://www.sec.gov. Electronic copies of the final prospectus
supplement and accompanying prospectus relating to the Offering,
when filed, may also be obtained by contacting H.C. Wainwright
& Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by
calling (646) 975-6996 or emailing placements@hcwco.com.
This news 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 such state or
jurisdiction.
About Baudax Bio
Baudax Bio is a pharmaceutical company focused
on commercializing and developing innovative products for acute
care settings. ANJESO is the first and only 24-hour, intravenous
(IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for
the management of moderate to severe pain. In addition to ANJESO,
Baudax Bio has a pipeline of other innovative pharmaceutical assets
including two novel neuromuscular blocking agents (NMBs) and a
proprietary chemical reversal agent specific to these NMBs. For
more information, please visit www.baudaxbio.com.
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. Forward-looking statements may include,
without limitation, statements regarding market conditions, the
completion of the Offering and the intended use of net proceeds
from the Offering. 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, including, but not
limited risks associated with market and other conditions. Baudax
Bio assumes no obligation to update any such forward-looking
statements. 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.
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.
Contact: Argot Partners Sam
Martin / Kaela Ilami (212) 600-1902 baudaxbio@argotpartners.com
Media Contact: Argot Partners
David Rosen (212) 600-1902 david.rosen@argotpartners.com
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