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Baudax Bio Announces Pricing of Public Offering of Common Stock and Warrants

Nasdaq

MALVERN, PA — Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced the pricing of an underwritten public offering 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 is being sold together with one Series A warrant and one Series B warrant for a combined price of $3.25 per share, for a gross offering size 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.

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The shares of common stock, Series A warrants and Series B warrants can only be purchased together but will be issued separately and will be immediately separable upon issuance.

All securities in the offering are being sold by Baudax. The offering is expected to close on or about March 26, 2020, subject to the satisfaction of customary closing conditions.

Baudax intends to use the net proceeds of the proposed offering for the launch and the commercialization of ANJESO™, pipeline development activities, and general corporate purposes.

JMP Securities LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering.

The offering is being made by Baudax pursuant to a shelf 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.

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The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary 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.

When available, copies of the final prospectus supplement and accompanying 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 [email protected] 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.

The Company’s announcement does 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.

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