Summary by Moomoo AI
BioVie announced the closing of its registered direct offering on October 28, 2024, successfully raising $3.24 million through the sale of 1,146,000 shares of common stock at $2.83 per share. The net proceeds, after deducting approximately $419,254 in placement agent fees and offering expenses, will be primarily used for working capital and general corporate purposes.The offering was conducted under the company's shelf registration statement, with ThinkEquity serving as the sole placement agent. BioVie, a clinical-stage company, focuses on developing innovative drug therapies for neurological disorders including Long COVID, Alzheimer's disease, Parkinson's disease, and advanced liver disease.The company's key drug candidates include bezisterim for neurodegenerative diseases and BIV201, an FDA Fast Track-designated Orphan drug candidate for liver cirrhosis complications. BIV201 is currently under discussion with the FDA regarding Phase 3 clinical testing design.