Baudax Bio Announces Closing of $6.2 Million Public Offering
September 01 2022 - 1:56PM
Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a
pharmaceutical company focused on therapeutics for acute care
settings, today announced the closing of its previously announced
public offering of an aggregate of 11,819,172 shares of its common
stock (or pre-funded warrants in lieu thereof), together with
accompanying common stock purchase warrants, at a public offering
price of $0.525 per share (or pre-funded warrant) and accompanying
warrants. Each share of common stock (or pre-funded warrant) was
sold in the offering together with a Series A-1 warrant to purchase
one share of common stock at an exercise price of $0.525 per share
and a Series A-2 warrant to purchase one share of common stock at
an exercise price of $0.525 per share. The Series A-1 warrants are
exercisable immediately and will expire five years from the date of
issuance, and the Series A-2 warrants are exercisable immediately
and will expire thirteen months from the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds from the offering, before deducting the
placement agent's fees and other offering expenses,
were approximately $6.2 million. The Company intends to use
the net proceeds from this offering for pipeline development
activities and general corporate purposes.
The securities described above were offered pursuant to a
registration statement on Form S-1 (File No. 333-266499), which was
declared effective by the Securities and Exchange Commission (the
“SEC”) on August 29, 2022. The offering was made only by means
of a prospectus which is a part of the effective registration
statement. A final prospectus relating to the offering has been
filed with the SEC. Electronic copies of the final prospectus may
be obtained on the SEC’s website at http://www.sec.gov and may
also be obtained by contacting H.C. Wainwright & Co., LLC at
430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212)
856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
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 offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Baudax Bio
Baudax Bio is a pharmaceutical company focused on innovative
products for acute care settings. Baudax Bio markets ANJESO®, the
first and only 24-hour, non-opioid, intravenous (IV) COX-2
preferential non-steroidal anti-inflammatory (NSAID) for the
management of moderate to severe pain. In addition to ANJESO®, the
Company has a pipeline of other innovative pharmaceutical assets
including two clinical-stage, novel neuromuscular blocking (NMBs)
agents and a proprietary chemical reversal agent specific to these
NMBs.
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 and the 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. These risks and
uncertainties include, among other things, risks related to market
and other conditions, the ongoing economic and social consequences
of the COVID-19 pandemic, Baudax Bio’s ability to advance its
current product candidate pipeline through pre-clinical studies and
clinical trials, Baudax Bio’s ability to raise future financing for
continued development of its product candidates such as BX1000,
BX2000 and BX3000, 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 its operational and budget plans, 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.
Investor Relations Contact:Argot PartnersSam
Martin / Kaela Ilami(212) 600-1902baudaxbio@argotpartners.com
Media Contact:Argot PartnersDavid Rosen(212)
600-1902david.rosen@argotpartners.com
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