Malvern-based pharmaceutical company Baudax Bio has completed $5 million in stock sales, writes John George for the Philadelphia Business Journal. The proceeds made from the sale will be used for company assets after the liabilities, development activities, and corporate purchases.
Last month, the company triggered a reverse 1-for-40 stock split. That means that every 40 shares of the issued and outstanding common stock were automatically converted to one. The par value of $0.01 per share did not change.
This reduced the number of shares of the outstanding common stock from 20 million to 500,000 shares. The pharmaceutical company is behind the non-opioid pain relief product Anjesco. It also has two experimental neuromuscular blocking agents currently in clinical testing.
In the first three quarters of 2022, the company generated $959,000 in revenue and recorded a net loss of $48.2 million.
Read more about Baudax Bio in the Philadelphia Business Journal.