Chester County Pharmaceutical Company Announces Pricing of $5 Million Public Offering

Baudax Bio, Inc.

MALVERN, PA — Baudax Bio, Inc. (NASDAQ: BXRX) announced Friday the pricing of a 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 will have an exercise price of $4.50 per share, will be exercisable immediately upon issuance and will expire five years from the date of issuance, and the Series A-4 warrants will have an exercise price of $4.50 per share, will be exercisable immediately upon issuance and will expire thirteen months from the date of issuance. The closing of the offering is expected to occur on or about December 6, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting 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, are expected to be 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 are being offered pursuant to a registration statement on Form S-1 (File No. 333-268251), which was declared effective by the Securities and Exchange Commission on December 2, 2022. The offering is being 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, when available, 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 [email protected]

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The Company also has agreed that certain existing warrants to purchase up to an aggregate of 374,108 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, will be amended effective upon the closing of the offering so that the amended warrants will have a reduced exercise price of $4.50 per share and will expire five years following the closing of the offering.

The Company declared that its announcement 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.

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