BioVie Inc. Announces Completion of Offering and Private Placement

BioVie Inc. (NASDAQ: BIVI) disclosed today the successful conclusion of its registered direct offering alongside a concurrent private placement. The clinical-stage entity, dedicated to pioneering drug therapies for chronic incapacitating conditions like liver disease and neurological disorders, finalized the registered direct offering of 4,443,000 common stock shares. These shares were priced at $1.50 per share in accordance with Nasdaq regulations.

Simultaneously, in the private placement, BioVie executed the issuance and sale of unregistered warrants for up to 4,443,000 common stock shares. Each warrant is viable for one share at an exercise price of $1.37 per share, featuring an exercise commencement six months post-issuance and a five-year expiration from the initial exercise date. The collective gross proceeds before accounting for agent fees and offering costs amount to $6,664,500. These funds are primarily earmarked for enhancing working capital and generic business operations.

In this transaction, ThinkEquity functioned as the exclusive placement agent. The common stock shares proffered in the registered direct offering (excluding the unregistered warrants from the concurrent private placement and the corresponding shares) were marketed and sold under a shelf registration statement on Form S-3 (File No. 333-274083). Such documentation, entailing a base prospectus, was submitted with the U.S. Securities and Exchange Commission (SEC) on August 18, 2023, and declared effective on August 28, 2023.

The Warrants, on the other hand, were not part of a public offering and remain unregistered under Section 4(a)(2) of the Securities Act of 1933, in conjunction with Rule 506(b) of Regulation D. Consequently, these Warrants and their associated shares cannot be redistributed or resold in the United States except under an active registration statement or as per an applicable exemption from the Securities Act and state securities statutes.

This publication does not signify a solicitation to purchase or an offer to sell any securities, and any sale would breach the laws of the respective jurisdiction. For additional information, the final prospectus supplement alongside the accompanying prospectus are retrievable from ThinkEquity’s New York offices and the SEC’s website.

About BioVie Inc.
BioVie Inc. is strategically positioned to develop revolutionary drug therapies for neurological and neurodegenerative conditions like Long COVID, Alzheimer’s disease, Parkinson’s disease, and progressive liver disease. For updated details on the company and its endeavors, visit www.bioviepharma.com.

Forward-Looking Statements
The release includes forward-looking statements indicating potential outcomes. Although based on reasonable presumptions, these statements do not guarantee actual fruition. Diverse factors can influence results, such as capital-raising success, prevalent economic conditions, regulatory approvals, and litigation developments. For comprehensive risk disclosure, refer to the Company’s filings with the SEC.

Contact Information:
Media Relations Inquiries:
Melyssa Weible
Managing Partner, Elixir Health Public Relations
[email protected]

Investor Relations Inquiries:
Bruce Mackle
Managing Director, LifeSci Advisors, LLC
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BioVie’s 8K filing here.

BioVie Company Profile

BioVie Inc, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of drugs for the treatment of chronic debilitating conditions in the United States. Its products pipeline includes BIV201, which completed Phase IIa clinical trial for the treatment of ascites caused due to chronic liver cirrhosis; and NE3107, a potentially selective inhibitor of inflammatory extracellular single-regulated kinase, which is in Phase III clinical trial for the treatment of patients with mild to moderate Alzheimer's disease, as well as Phase 2 clinical trial for the treatment of Parkinson's disease.