Baudax Bio Announces Pricing of Public Offering of Common Stock

3/24/20

MALVERN, Pa., March 24, 2020 (GLOBE NEWSWIRE) -- 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. 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.

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.

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