Avenue Therapeutics climbs on reverse stock split, painkiller update

Avenue Therapeutics

23/09/2022 12:34

** Shares of drug developer Avenue Therapeutics Inc  ATXI.O 
rise about 12% to $7.42 premarket
    ** Late on Thursday, ATXI announced a 1-for-15 reverse split
of its common stock, effective Sept. 23, and provided regulatory
update on its intravenously administered painkiller tramadol
 urn:newsml:reuters.com:*:nGNX9J0PnN
    ** Stock split intended to bring co into compliance with
Nasdaq's minimum bid price requirement; outstanding shares of
common stock to reduce from about 22.7 mln to about 1.5 mln - Co
    ** ATXI said it had submitted a meeting request with FDA,
including a proposed study to address safety concerns related to
tramadol
    ** The FDA said proposed study design appeared reasonable
and agreed on various aspects - ATXI
    ** The regulator has declined to approve painkiller twice in
the past and its panel of experts earlier this year voted
against the drug, saying ATXI had not submitted adequate
information to show that benefits outweigh risks  urn:newsml:reuters.com:*:nL4N2UR2UQ
    ** Up to Thursday's close, stock had fallen 51.5% YTD vs a
29% decline in the Nasdaq composite index  .IXIC 
 (Reporting by Shristi  Achar A)
 ((Shristi.AcharA@thomsonreuters.com;))