Shares of Baudax Bio (NASDAQ:BXRX) eked higher Tuesday from Friday, after the company reported Q4 results.
Earnings per share increased 88.46% year over year to ($0.09), which beat the estimate of ($0.61). Revenue was $76,000, up by 0.00% from the same period last year, which missed the estimate of $1,630,000.
Said CEO Gerri Henwood, "As we continue to navigate the ongoing global pandemic, we continue to see a slower rate of commercialization of ANJESO than we would have expected without COVID-19, but feedback from users of ANJESO and our third-party market research is encouraging.
"The fourth quarter and full year 2020 was marked by several significant milestones for Baudax Bio. We secured approximately $24 million of gross proceeds in the fourth quarter of 2020 and $31 million in the first quarter of 2021 from registered direct offerings and warrant exercises."
This month, the company entered into a definitive agreement with institutional and accredited investors for the purchase and sale of an aggregate of 11,000,000 shares of common stock at a purchase price of $1.60 per share in a registered direct offering priced at-the-market under NASDAQ rules. The gross proceeds from the offering were approximately $17.6 million, prior to deducting fees and expenses.
BXRX shares moved higher two cents, or 1.1%, to $1.93
