BioVie prices $12 million public offering of units at $2.00 each

CARSON CITY, Nev. - BioVie Inc. (NASDAQ:BIVI), a clinical-stage company developing therapies for liver disease and neurological disorders, announced Thursday the pricing of its underwritten public offering of 6 million units at $2.00 per unit. The offering comes as the company’s stock trades near its 52-week low of $2.86, with InvestingPro data showing the stock has declined over 85% year-to-date.

Each unit consists of one share of common stock and one warrant. The company is also offering pre-funded units with each consisting of one pre-funded warrant and one warrant. The gross proceeds are expected to be approximately $12 million before deducting underwriting costs and other expenses. According to InvestingPro analysis, BioVie maintains a strong liquidity position with a current ratio of 9.32 and holds more cash than debt on its balance sheet, which could be further strengthened by this offering. Subscribers to InvestingPro can access 12 additional key insights about BioVie’s financial health and market performance.

The warrants included in the units will be immediately exercisable at $2.50 per share and will expire five years from issuance. They have been approved for listing on the Nasdaq Capital Market under the symbol "BIVIW" and are expected to begin trading Friday.

ThinkEquity is acting as the sole book-running manager for the offering, which is expected to close on August 11, subject to customary closing conditions. The underwriter has a 45-day option to purchase up to an additional 900,000 shares of common stock and/or pre-funded warrants and/or warrants to cover over-allotments.

BioVie intends to use the proceeds for working capital and general corporate purposes, according to the press release statement. With a market capitalization of just $5.4 million and trading below its Fair Value according to InvestingPro calculations, the company appears positioned for potential growth opportunities.

The company’s drug candidate bezisterim targets neuroinflammation and insulin resistance in Alzheimer’s and Parkinson’s diseases. BioVie is also developing BIV201, which has FDA Fast Track status, for complications of advanced liver cirrhosis.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission on August 7.

In other recent news, Biovie Inc presented promising data for its Alzheimer’s drug, bezisterim, at a conference in Rome. The company reported that in its Phase 3 study, bezisterim showed significant biological age deceleration in Alzheimer’s patients compared to a placebo. After 30 weeks of treatment, patients receiving the drug experienced an age deceleration of up to 4.24 years across various biological clocks measured. This development marks a significant milestone for Biovie as it continues its clinical-stage research. The data presentation has garnered attention from investors and the scientific community alike. Analyst firms have yet to provide an upgrade or downgrade following this announcement, but the promising results could influence future evaluations. These recent developments highlight Biovie’s ongoing efforts in Alzheimer’s disease research.

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