Summary by Moomoo AI
BioVie has successfully closed its previously announced registered direct offering and concurrent private placement on October 23, 2024. The company raised gross proceeds of approximately $6 million through the sale of 2,667,000 shares of common stock at $2.25 per share, along with warrants to purchase an additional 2,667,000 shares at $2.12 per share in a private placement.The warrants will become exercisable six months after issuance and will expire five years following the initial exercise date. ThinkEquity served as the sole placement agent for the offering. After deducting placement agent fees and offering expenses of approximately $674,360, the net proceeds will be used primarily for working capital and general corporate purposes.BioVie is advancing clinical-stage drug therapies for neurological and neurodegenerative disorders including Long COVID, Alzheimer's disease, and Parkinson's disease, as well as advanced liver disease. Their drug candidate bezisterim targets neuroinflammation and insulin resistance, while their Orphan drug candidate BIV201 has FDA Fast Track status for liver cirrhosis complications.
