Malvern-Based Pharmaceutical Company Expects to Raise $6.2 Million from Public Stock Offering 

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pharmaceutical manufacturing
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Malvern-based Baudax Bio is selling a little over 11.8 million shares of its common stock in a public stock offering that is expected to raise $6.2 million, writes John George for the Philadelphia Business Journal

The pharmaceutical company is offering its stock at 52.5 cents per share together with accompanying common stock purchase warrants that have the same exercise price per share. 

Tuesday’s announcement brought the company’s stock tumbling down by 46 percent to nearly 31 cents per share. 

According to documents filed with the Securities and Exchange Commission, Baudax Bio plans to use the stock sale proceeds for “pipeline development activities” and various corporate purposes, including to cover research and development costs and manufacturing costs. 

The company currently has one product on the market, a non-opioid and non-steroidal anti-inflammatory drug Anjeso. The intravenous drug is approved by the FDA for the management of moderate to severe pain. It is used in hospitals and other acute care settings. 

Anjeso received marketing clearance in early 2020. During the second quarter of 2022, the drug generated revenue of $300,000. That is a 49 percent increase compared to the same period last year. 

Read more about Baudax Bio in the Philadelphia Business Journal

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