Baudax Bio, Inc. (BXRX) stock plunged 24.53% in the current-market trading session at the price of $0.24 after it reported a registered direct offering of $4.2 Million. BXRX is a pharmaceutical firm centered on developing and commercializing novel products for acute health care settings.
BXRX Announced $4.2 M Direct Offering
On 28th December 2021, BXRX reported entering into a definitive deal with institutional investors to sell 42,289.3 shares of convertible preferred stocks to purchase up to 12,686,790 common stock shares. The offering has expected to close on 28th December 2021 and is subject to customary closing conditions.
The preferred stock shares have a stated value of $100 per share and are convertible into 16,915,720 shares of common stock at $0.25 per share. The warrants in a registered direct offering have an exercise price of $0.32 for each share and will expire five years after the initial exercise date.
BXRX expects gross proceeds from the offering to be around $4.2 million before subtracting agent fees and additional offering costs. The company intends to use the net proceeds for its pipeline development activities, commercialization of ANJESO, and other corporate purposes.
BXRX Provided Clinical Program Updates for NMBs
On 11th November 2021, BXRX published clinical updates for its neuromuscular blocking agents. It has also announced the completion of its dose-escalation study that evaluates BX-1000 in healthy participants.
BXRX’s proprietary NMBs are BX-1000 (intermediate duration), BX-2000 (ultra-short duration), and BX-3000 (reversal agent) that swiftly reverses the effect of BX-2000 and BX-1000. These agents allow quick induction of neuromuscular blockade for surgical grounds followed by a rapid reversal. These unique agents can minimize procedure recovery time in the operating room resulting in cost savings to clinics and surgical centers.
Chief Medical Officer of BXRX, Stewart McCallum, remarked that completion of this study marks a milestone for the NMB program. They will soon conclude the study report and share the clinical data with Food and Drug Administration. They look ahead to developing their NMB and affiliated candidates by 2022, he added.