NEW YORK, Oct. 6, 2022 (GLOBE NEWSWIRE) — Avenue Therapeutics, Inc. ATXI (“Avenue” or the “Company”), a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of central nervous system disorders, today announced pricing of its underwritten public offering of 3,636,365 common and prefunded units known. Each common unit consists of one common share and one common share purchase warrant, and each prefunded unit consists of one prefunded common share purchase warrant and one common share purchase warrant. Each common share (or prefunded warrant) will be sold, together with one warrant, at a combined purchase price of $3.30 per common unit (or $3.2999 per prefunded unit less $0.0001 attributable to the prefunded unit exercise price). arrest warrants).
In addition, Avenue granted the underwriter a 45-day option to purchase additional common shares equal to 15% of the number of common shares (or prefunded warrants) sold under the base offering and additional warrants, representing up to 15% of the under of the base offering sold warrants solely to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $13.8 million if the over-allotment option is exercised in full.
The offering is expected to close on October 11, 2022, subject to the satisfaction of customary closing conditions.
Avenue expects to use the net proceeds of the offering, along with its existing cash, to repurchase all common shares owned by InvaGen Pharmaceuticals Inc., with the remainder for general corporate and working capital purposes, including the development of its drug candidates.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-267206) relating to the offering of the securities…
