Baudax Bio Announces Closing of $5 Million Public Offering
December 06 2022 - 4:11PM
Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a
pharmaceutical company focused on innovative products for hospital
and related settings, today announced the closing of its previously
announced public offering of an aggregate of 1,042,787 shares of
its common stock (or pre-funded warrants in lieu thereof), Series
A-3 warrants to purchase up to 1,042,787 shares of common stock and
Series A-4 warrants to purchase 1,042,787 shares of common stock,
at a combined public offering price of $4.795 per share (or
pre-funded warrant) and accompanying warrants. The Series A-3
warrants have an exercise price of $4.50 per share, are exercisable
immediately upon issuance and will expire five years from the date
of issuance, and the Series A-4 warrants have an exercise price of
$4.50 per share, are exercisable immediately upon issuance 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 $5 million. The Company intends to use the
net proceeds from this offering for working capital, pipeline
development activities and general corporate purposes.
The securities described above were offered
pursuant to a registration statement on Form S-1 (File No.
333-268251), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on December 2, 2022. The
offering was made only by means of a prospectus which forms a part
of the effective registration statement. A preliminary 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.
The Company also has agreed that certain
existing warrants to purchase up to an aggregate of 374,114 shares
of common stock of the Company that were previously issued to an
investor in November 2020, January 2021, June 2021, December 2021,
March 2022, May 2022 and September 2022, at exercise prices ranging
from $21.00 to $43.60 per share and expiration dates ranging from
October 2023 to September 2027, were amended effective upon the
closing of the offering so that the amended warrants have a reduced
exercise price of $4.50 per share and will expire five years
following the closing of the offering.
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 hospital and related settings. The
Company has a pipeline of innovative pharmaceutical assets
including two clinical-stage, novel neuromuscular blocking (NMBs)
agents, one in a Phase II study and an additional unique NMB in a
dose escalation Phase I study, as well as a proprietary chemical
reversal agent specific to these NMBs. Baudax Bio has received
approval for and marketed ANJESO®, the first and only 24-hour,
intravenous (IV) COX-2 preferential non-opioid, non-steroidal
anti-inflammatory (NSAID) for the management of moderate to severe
pain. 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 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, including Baudax Bio’s ability to realize
any anticipated benefits from the reverse stock split, including
maintaining its listing on the Nasdaq Capital Market and attracting
new investors. These risks and uncertainties include, among other
things, risks related to market, economic 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;
Baudax Bio’s ability to comply with all listing requirements of the
Nasdaq Capital Market; 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 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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