Malvern-based Baudax Bio Raises $25 Million with Its Public Offering

Malvern-based Baudax Bio Raises $25 Million with Its Public Offering

MALVERN, PA — Baudax Bio, Inc.  (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.

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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 [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 [email protected]

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The Company’s announcement 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.

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