BioVie Inc. Announces Nasdaq Listing and Pricing of $15.7 Million Public Offering

Rhea-AI Summary

BioVie Inc. (NASDAQ:BIVI) announced a public offering of 1,565,200 shares at $10.00 per share, aiming to raise $15.65 million before costs. Additionally, underwriters have a 45-day option for 234,780 more shares. The offering is set to close on September 22, 2020. This funding will support clinical trials for BIV201, its candidate for liver disease and cover general corporate needs. BioVie’s stock will debut on Nasdaq on September 18, 2020.

Positive

• The offering aims to raise $15.65 million for clinical trials of BIV201, promoting future growth.
• BIV201 is positioned for a first-to-market advantage in treating ascites, with potential 7 years of market exclusivity as an Orphan Drug.

Negative

• Issuing new shares may dilute existing shareholders' equity.
• The success of the clinical trials is uncertain, which could impact future funding and stock performance.

SANTA MONICA, CA / ACCESSWIRE / September 17, 2020 / BioVie Inc. (NASDAQ:BIVI) ("BioVie" or "Company"), a clinical-stage company developing innovative drug therapies for liver disease, today announced the pricing of an underwritten public offering of 1,565,200 shares of Class A common stock at a public offering price of $10.00 per share for aggregate gross proceeds of $15,652,000 prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 234,780 shares of common stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on September 22, 2020, subject to satisfaction of customary closing conditions.

The Company has received approval to list its Class A common stock on the Nasdaq Capital Market under the symbol ''BIVI," with trading expected to begin on September 18, 2020.

The Company intends to use the net proceeds from the offering primarily to fund clinical trials of its lead product candidate BIV201 and for working capital and other general corporate purposes.

ThinkEquity, a division of Fordham Financial Management, Inc., and Kingswood Capital Markets, division of Benchmark Investments, Inc. are acting as joint book-running managers for the offering.

The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1 relating to these securities on September 17, 2020 and an additional registration statement on Form S-1 relating to the offering will be filed pursuant to Rule 462(b), which will become automatically effective upon filing. A final prospectus relating to this offering will be filed with the Securities and Exchange Commission. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained, when available, by contacting ThinkEquity, 17 State Street, 22nd Floor, New York, NY 10004, telephone (877) 436-3673, email: prospectus@think-equity.com. Investors may also obtain these documents at no cost by visiting the SEC's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BioVie and BIV201

BioVie Inc. is developing BIV201 (continuous infusion terlipressin) an Orphan Drug candidate for the treatment of ascites due to advanced liver cirrhosis. First-to-market Orphan therapies typically receive 7 years of market exclusivity in the US for the designated use(s). It is being investigated as a potential new therapy for patients suffering from ascites, and future development opportunities include hepatorenal syndrome (HRS) and other life-threatening complications of advanced liver cirrhosis. The initial disease target for BIV201 therapy is ascites, which is a serious complication of advanced liver cirrhosis. The Company has completed a Phase 2 clinical trial protocol that is summarized on www.clinicaltrials.gov, trial identifier NCT04112199. The FDA has never approved any drug specifically for treating ascites, and the Company is not aware of any competing drugs in late-stage development for ascites. The active agent in BIV201, terlipressin, is approved for use in about 40 countries for the treatment of related complications of advanced liver cirrhosis but is not available in the US or Japan.

The Company has invented a patent-pending prefilled syringe that has been cleared for use in our upcoming Phase 2 trial subject to certain additional standard analytical tests. This novel BIV201 delivery system is expected to greatly simplify at-home patient treatment and improve patient compliance by enabling easy injection of the liquid concentrate into the IV bag connected to the infusion pump. Room temperature stability has been achieved for 9 months providing an important advantage because, to the best of the Company's knowledge, all other terlipressin products sold globally must be stored under refrigeration. The novel prefilled syringe format also avoids the manual mixing of minute (2 - 4 mg) quantities of terlipressin powder in saline solution, thereby reducing the possibility of dosing errors during reconstitution and improving sterility. BioVie has begun applying for global patent protection for this novel terlipressin delivery system. The Company has also received Orphan Drug designation for the treatment of hepatorenal syndrome (HRS) and has FDA Fast Track status. For more information, visit http://www.biovieinc.com/

Forward-Looking Statements

This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although BioVie Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein due to the Company's ability to successfully raise sufficient capital on reasonable terms or at all, available cash on hand and contractual and statutory limitations that could impair our ability to pay future dividends, our ability consummate additional acquisitions and successfully integrate newly acquired companies, to organically grow our business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, as well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. BioVie Inc. does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.

Contact:

INVESTOR RELATIONS:
Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
dave@redchip.com

SOURCE: BioVie Inc.

View source version on accesswire.com:
https://www.accesswire.com/606665/BioVie-Inc-Announces-Nasdaq-Listing-and-Pricing-of-157-Million-Public-Offering

FAQ

What is the purpose of BioVie Inc.'s recent stock offering?

BioVie Inc. plans to use the net proceeds primarily for funding clinical trials of its lead product candidate BIV201 and for general corporate purposes.

When will BioVie Inc.'s stock start trading on Nasdaq?

BioVie Inc.'s Class A common stock is expected to begin trading on the Nasdaq on September 18, 2020.

What is the total number of shares BioVie Inc. is offering?

BioVie Inc. is offering a total of 1,565,200 shares, with an additional option for underwriters to purchase 234,780 more shares.

How much capital does BioVie Inc. aim to raise from the public offering?

BioVie Inc. aims to raise approximately $15.65 million from the public offering before deducting underwriting costs.

What is BIV201, and why is it significant?

BIV201 is a drug candidate for treating ascites due to advanced liver cirrhosis, expected to provide a first-to-market therapeutic option and potentially gain market exclusivity.