Baudax Bio Announces Exercise of Warrants for Gross Proceeds of $13.4 Million

Baudax Bio, Inc.

MALVERN, PA — Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, recently announced the agreement by an accredited healthcare-focused institutional investor to cash exercise certain warrants to purchase up to an aggregate of 10,300,430 shares of common stock having an exercise price of $1.18 issued by the company in December 2020.

The shares of common stock issuable upon exercise of the warrants are registered pursuant to a registration statement on Form S-3 (File No. 333-243488). In consideration for the immediate exercise of the warrants for cash, the company will sell to the exercising holder an additional warrant pursuant to the registration statement. The new warrant will be cash exercisable for an aggregate of up to 10,300,430 shares of common stock at an exercise price of $1.60 per share and have a term of exercise equal to five years. The purchase price of the additional warrant will be $1,287,553.75, or $0.125 per warrant share.

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The gross proceeds to the company from the exercise of the warrants and the sale of the additional warrants are expected to be approximately $13,442,061, prior to deducting placement agent fees and estimated offering expenses.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Baudax Bio currently intends to use the net proceeds from the offering for the commercialization of ANJESO®, pipeline development activities and general corporate purposes.

The shares issuable upon exercise of the warrants and the issuance of the new warrants described above are being offered by Baudax Bio pursuant to a “shelf” registration statement on Form S-3 (File No. 333-243488) filed with the Securities and Exchange Commission (SEC) on August 10, 2020 and declared effective on October 2, 2020. The offering of the securities described herein will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996, or email at [email protected]

The company’s announcement does 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 other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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