Baudax Bio plummets on stock-and-warrants deal

Baudax Bio

27/04/2023 11:15

** Baudax Bio Inc's  BXRX.O  shares plunge 50% to record low
89 cents premarket after follow-on prices
    ** Drug developer late Weds announced ~3.5 mln shares, and
warrants to buy up to same amount of shares, for $4 mln gross
raise
    ** Offering price of $1.15 represents 35% discount to
stock's last sale
    ** Co plans to use net offering proceeds to develop pipeline
candidates 
    ** BXRX has ~2.6 mln shares outstanding, per recent SEC
filing
    ** Shares on Tues closed up ~11% at $2.09 after co reported
positive data from its muscle relaxant drug in mid-stage trial
    ** H.C. Wainwright sole placement agent for the offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))