Baudax Bio Announces Closing of $25 Million Public Offering of Securities
26 März 2020 - 4:35PM
Baudax Bio, Inc. (“Baudax” or the “Company”) (Nasdaq: BXRX), a
pharmaceutical company focused on therapeutics for acute care
settings, today announced the closing of the previously announced
public offering, reflective of 7,692,308 shares of its common
stock, Series A Warrants to purchase 7,692,308 shares of common
stock and Series B Warrants to purchase 7,692,308 shares of common
stock, at an exercise price of $4.59 per share for Series A
Warrants and at an exercise price of $3.25 per share for Series B
Warrants. Each share of common stock was sold together with one
Series A warrant and one Series B warrant for a combined price of
$3.25 per share, for gross proceeds of $25 million, not including
any future proceeds from the exercise of the Series A warrants and
Series B warrants and before deducting the underwriting discounts
and commissions and offering expenses. The shares of common stock,
Series A warrants and Series B warrants were purchased together but
were issued separately and are immediately separable upon issuance.
The net proceeds to Baudax from this offering
were approximately $23.1 million, after deducting underwriting
discounts and commissions and estimated offering expenses payable
by Baudax. Baudax intends to use the net proceeds of the proposed
offering for the launch and the commercialization of ANJESOTM,
pipeline development activities, and general corporate
purposes.
JMP Securities LLC and Oppenheimer & Co.
Inc. acted as joint book-running managers for the offering.
The offering was made by Baudax pursuant to an
effective registration statement on Form S-3 previously filed with
the Securities and Exchange Commission (the “SEC”) on December 6,
2019, and declared effective by the SEC on December 16, 2019, and a
related preliminary prospectus supplement and accompanying
prospectus filed on March 24, 2020. A final prospectus supplement
and accompanying prospectus related to the offering has been filed
with the SEC and is available on the website of the SEC at
www.sec.gov. A copy of the final prospectus may also be obtained
from JMP Securities LLC at 600 Montgomery Street, Suite 1100, San
Francisco, CA 94111, at Attention: Prospectus Department, or by
calling (415) 835-8985, or by emailing syndicate@jmpsecurities.com
or from Oppenheimer & Co. Inc., Attention: Equity Syndicate
Prospectus Department, 85 Broad Street, 26th Floor, New York, NY
10004, or by calling (212) 667-8055, or by emailing
ecmexecution@opco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, 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, Inc.
Baudax Bio is a specialty pharmaceutical company
focused on therapeutics for acute care settings. The Company’s
first commercial product, ANJESO™, had its New Drug Application
approved by FDA on February 20, 2020 for the management of moderate
to severe pain, alone or in combination with other non-NSAID
analgesics. 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. As a non-opioid, IV meloxicam 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. For more information please visit
www.baudaxbio.com.
Cautionary Statement Regarding Forward
Looking Statements
Any statements in this press release about
future expectations, plans and prospects for the Company, including
the Company’s expectations regarding the Company’s anticipated
proceeds from the offering, its receipt of future proceeds
resulting from the exercise of the warrants sold in the offering,
the Company’s use of those proceeds and other statements containing
the words "anticipate," "believe," "estimate," "upcoming," "plan,"
"target", "intend," "expect" and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management’s expectations and assumptions
as of the date of this press release and are subject to numerous
risks and uncertainties, which could cause actual results to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include, without limitation, risks
and uncertainties discussed in the Risk Factors set forth in the
Company’s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with the SEC and in
other filings the Company makes with the SEC from time to time. In
addition, the forward-looking statements included in this press
release represent the Company’s views only as of the date of this
press release. Important factors could cause our actual results to
differ materially from those indicated or implied by
forward-looking statements, and as such we anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
CONTACT:
Investor Relations Contact: Argot PartnersSam Martin / Claudia
Styslinger(212) 600-1902sam@argotpartners.com
claudia@argotpartners.com
Baudax Bio, Inc. Ryan D. Lake (484) 395-2436
rlake@baudaxbio.com
Media Contact: Argot Partners David Rosen (212) 600-1902
david.rosen@argotpartners.com
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