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PALO ALTO, CA – Scilex Holding Co, a company specializing in biological products, announced the voluntary termination of its Sales Agreement with B. Riley Securities Inc., Cantor Fitzgerald & Co., and H.C. Wainwright & Co., LLC. The termination is set to be effective as of March 5, 2025.
The Sales Agreement, initiated on December 22, 2023, allowed Scilex to sell shares of its common stock through the aforementioned sales agents. During the agreement’s tenure, Scilex sold approximately 2.76 million shares, resulting in gross proceeds of around $2.69 million. The decision to end the agreement was made by Scilex and carries no penalty. With the company’s market capitalization now at $49.1 million and its next earnings report due on March 7, investors are closely monitoring the company’s financial health.
Scilex Holding Co, which trades on The Nasdaq Stock Market LLC under the ticker SCLX for common stock and SCLXW for warrants, has not disclosed the reasons for the termination of the agreement. The company’s action was reported in a Form 8-K filed with the U.S. Securities and Exchange Commission today.
This move comes as the company, headquartered at 960 San Antonio Road in Palo Alto, continues to navigate the biotech industry under the leadership of CEO and President Jaisim Shah. Scilex Holding Co has been known previously as Scilex Holding Company/DE and Vickers Vantage Corp. I, with the last name change occurring on November 17, 2022.
Investors and market watchers will be observing the company’s next steps following this termination. The information is based on the latest SEC filing by Scilex Holding Co.
In other recent news, Scilex Holding Company announced that the U.S. Bankruptcy Court for the Southern District of Texas has extended the lock-up period for its Dividend Stock to April 14, 2025. This decision restricts the sale, transfer, or disposal of shares distributed by Sorrento Therapeutics (OTC:SRNE) as a dividend. Meanwhile, Scilex’s Supplemental New Drug Application for ELYXYB, intended for acute pain treatment, has been acknowledged by the FDA, marking a step forward in expanding its non-opioid pain management portfolio. Additionally, Boral (OTC:BOALY) Capital has initiated coverage on Scilex with a Buy rating and a price target of $22, highlighting the company’s diverse portfolio and potential growth opportunities.
Scilex’s ZTlido patch has been linked to reduced opioid use among patients with neuropathic pain, as revealed in a study published by Pain Medicine News. The study found that 51.9% of patients using ZTlido experienced a decrease or halt in opioid use compared to those using a generic lidocaine patch. Furthermore, Scilex is exploring a joint venture with IPMC Company to develop treatments for neurodegenerative and cardiometabolic diseases, which could diversify its offerings beyond pain management. The company’s portfolio includes products like ZTlido for postherpetic neuralgia and Gloperba for gout flare prophylaxis. These developments reflect Scilex’s ongoing efforts to expand its non-opioid pain management solutions and explore new therapeutic areas.
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