MALVERN, Pa., March 26, 2020 (GLOBE NEWSWIRE) -- 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 ANJESO^TM, 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, 26^th 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 Partners
Sam Martin / Claudia Styslinger
(212) 600-1902
sam@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