BioVie Stock Plunges On $20M Capital Raise Via Equity At Deep Discount Of 38%

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  • BioVie Inc BIVI priced its underwritten public offering of 2.5 million shares at $8.00 per share for gross proceeds of $20 million.
  • The offer price represents a steep discount of 37.7% from the last close price of $12.85 on Friday.
  • Underwriters have an option to purchase up to an additional 375,000 shares.
  • ThinkEquity, a Fordham Financial Management Inc's division, is acting as the sole book-running manager for the offering. EF Hutton, division of Benchmark Investments, LLC, is acting as a financial advisor for the offering.
  • BioVie will use the proceeds primarily for general corporate purposes.
  • Last week, BioVie enrolled the first patient into the NM101 Phase 3 study testing NE3107 for Alzheimer's Disease (AD). Data readout expected by the end of 2022
  • In June, the Company enrolled the first patient in Phase 2b trial of BIV201 (continuous infusion terlipressin) for refractory ascites. Topline data readout is expected in early 2022.
  • Ascites are characterized by abdominal swelling caused by fluid accumulation, most often related to liver disease.
  • BioVie also plans to start a Phase 3 trial of BIV201 for hepatorenal syndrome-acute kidney injury (HRS-AKI).
  • Price Action: BIVI shares are down 32.40% at $8.69 during the premarket session on the last check Monday.
Posted In: BiotechNewsHealth CareFinancingOfferingsMoversTrading IdeasGeneralBriefs
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