Avenue therapeutics announces exercise of warrants for $4.4 million in gross proceeds

Miami, april 29, 2024 (globe newswire) -- avenue therapeutics, inc. (nasdaq: atxi) (“avenue” or the “company”), a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of neurologic diseases, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase an aggregate of 689,680 shares of the company's common stock. the exercised warrants are comprised of warrants to purchase shares of common stock originally issued by avenue on october 11, 2022, each having an exercise price of $116.25 per share, series a and series b warrants to purchase shares of common stock originally issued by avenue on november 2, 2023, each having an exercise price of $22.545 per share, and warrants to purchase shares of common stock originally issued by avenue on january 9, 2024, each having an exercise price of $22.545 per share. the warrant holders agreed to exercise these warrants for cash at a reduced exercise price of $6.20 per share. the shares of common stock issuable upon exercise of the warrants are registered pursuant to effective registration statements on form s-1 (file nos. 333-267206 and 333-274562) and form s-3 (no. 333-276671). the gross proceeds to avenue from the exercise of the warrants are expected to be approximately $4.4 million, prior to deducting placement agent fees and offering expenses. the closing of the warrant exercise transaction is expected to occur on or about may 1, 2024, subject to satisfaction of customary closing conditions.
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