NEW YORK, Oct. 11, 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 the closing of its previously announced underwritten public offering of 3,636,365 common shares and prefunded Shares known units. 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 each prefunded warrant) was 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 exercise price of the prefunded warrants). ). ). At the same time, the Company also completed the sale of an additional 545,454 warrants to purchase common shares that were sold due to a partial exercise of the applicant’s over-allotment option. Avenue had net proceeds of approximately $10.4 million at closing, after deducting underwriting discounts, commissions and other offering costs.
Avenue expects to use the net proceeds of the offering, along with its existing cash, to repurchase all of the common stock owned by InvaGen Pharmaceuticals Inc., with the remainder of the net proceeds being used for general corporate purposes and working capital, including the development of its drug candidates.
Aegis Capital Corp. acted as the sole book-running manager for the offering.
McGuireWoods LLP represents the company and Kaufman & Canoles, PC represents the underwriter.
A registration statement on Form S-1 (File No. 333-267206) relating to the offering of the securities was filed with the U.S. Securities and Exchange Commission (SEC) and was certified by the SEC on…
