CARSON CITY, Nev., Sept. 23, 2024 (GLOBE NEWSWIRE) — BioVie Inc. (NASDAQ: BIVI), (BioVie or the Company), a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions, including liver disease and neurological and neurodegenerative disorders, today announced the pricing of a best-effort public offering of 1,960,800 shares of its common stock (or pre-funded warrants)[Warrants prefinanciados]The Company is offering a total of 1,960,800 common shares (or pre-funded warrants) and warrants to purchase up to 1,960,800 common shares at a combined offering price of $1.53 per share (or pre-funded warrant) and associated warrant. The warrants will have an exercise price of $1.53 per share and will be immediately exercisable upon issuance for a period of five years from the date of issuance. The gross proceeds to the Company from the offering are expected to be approximately $3,000,000, before deducting the placement agent fees and offering expenses. The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. The Company is offering all of the common shares (or pre-funded warrants) and the associated warrants. The offering is expected to close on September 25, 2024, subject to the satisfaction of customary closing conditions.
ThinkEquity acts as sole placement agent for the offering.
The securities were offered and will be sold pursuant to a registration statement on Form S-3 (File No. 333-274083), which includes a base prospectus, filed with the U.S. Securities and Exchange Commission (SEC) on August 18, 2023 and declared effective on August 28, 2023. The offering will be made only by means of a written prospectus. A final prospectus supplement and an accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on its website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street (NYSE:), 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 Inc.
BioVie Inc. (NASDAQ: BIVI) is a clinical-stage company developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver diseases. In neurodegenerative diseases, the Company’s drug candidate, NE3107, inhibits the inflammatory activation of ERK and NFkB (e.g., TNF signaling) that leads to neuroinflammation and insulin resistance, but not their homeostatic functions (e.g., insulin signaling and neuron growth and survival). Both are drivers of Alzheimer’s and Parkinson’s diseases. The Company conducted and reported efficacy data from its randomized, double-blind, placebo-controlled, parallel-group, multi-center study evaluating NE3107 in patients with mild to moderate Alzheimer’s disease (NCT04669028). Results from an investigator-initiated Phase 2 trial (NCT05227820) showing that patients treated with NE3107 experienced improvement in cognition and biomarker levels were presented at the annual Clinical Trial in Alzheimer’s Disease conference in December 2022. An estimated six million Americans have Alzheimer’s. A Phase 2 study of NE3107 in Parkinson’s disease (NCT05083260) has been completed, and data presented at the International Conference on Alzheimer’s and Parkinson’s Disease and Related Neurological Disorders in Gothenburg, Sweden, in March 2023 showed significant improvements in morning symptoms and clinically meaningful improvement in motor control in patients treated with a combination of NE3107 and levodopa versus patients treated with levodopa alone, and no drug-related adverse events. For liver disease, the Company’s orphan drug candidate, BIV201 (terlipressin continuous infusion), with Fast Track status from the U.S. Food and Drug Administration (FDA), is being evaluated and analyzed with guidance received from the FDA regarding the design of Phase 3 clinical trials of BIV201 for the treatment of ascites due to chronic liver cirrhosis. The active agent is approved in the United States and approximately 40 countries for complications related to advanced liver cirrhosis. For more information, please visit http://www.bioviepharma.com/.
Forward-looking statements
This press release contains forward-looking statements, which can be identified by words such as “expect,” “hopes,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Although BioVie Inc. believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Actual results may vary materially from those expressed or implied by the statements contained 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 to complete our preclinical or clinical studies and to obtain approval of our product candidates, our ability to successfully defend ourselves against potential future litigation, changes in local or national economic conditions, as well as various additional risks, many of which are now unknown and generally beyond the Company’s control, and which are detailed from time to time in the Company’s reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. BioVie Inc. undertakes no obligation to update any statements contained herein (including forward-looking statements), except as required by law.
For investor relations inquiries:
Bruce Mackle
CEO of LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
For media relations inquiries:
Melyssa Weible
Managing Partner, Elixir Health Public Relations
mweible@elixirhealthpr.com
Source: BioVie, Inc.