Wednesday, July 26, 2023
Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.
Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Determination letter received. In a filing, Baudax Bio announced that, on July 24, 2023, the Nasdaq Hearings Panel issued a determination letter granting Baudax Bio’s request for continued Nasdaq listing, subject to the Company providing evidence of compliance with applicable conditions.
Conditions. In May 2023, Nasdaq issued a delisting determination of BXRX stock unless the Company timely requested a hearing before the Nasdaq Hearings Panel, which the Company did. The delisting determination was based upon the Company evidencing a closing bid price of less than $1.00 per share and stockholders’ equity of less than $2.5 million. As a reminder, Baudax Bio announced a merger with TeraImmune, Inc. on June 30, 2023, and the Company is working to comply with the terms of the Hearing Panel’s decision, which also includes holding a special shareholder meeting seeking approval to convert preferred shares issued to TeraImmune, Inc. to common shares and implementation of a reverse stock split, if necessary. The special shareholder meeting date is yet to be determined but will likely be in September, after 30 day SEC review of the merger transaction.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.