BioVie Stock Plunges On $20M Capital Raise Via Equity At Deep Discount Of 38%

BioVie Inc BIVI priced its underwritten public offering of 2.5 million shares at $8.00 per share for gross proceeds of $20 million.
The offer price represents a steep discount of 37.7% from the last close price of $12.85 on Friday.
Underwriters have an option to purchase up to an additional 375,000 shares.
ThinkEquity, a Fordham Financial Management Inc's division, is acting as the sole book-running manager for the offering. EF Hutton, division of Benchmark Investments, LLC, is acting as a financial advisor for the offering.
BioVie will use the proceeds primarily for general corporate purposes.
Last week, BioVie enrolled the first patient into the NM101 Phase 3 study testing NE3107 for Alzheimer's Disease (AD). Data readout expected by the end of 2022
In June, the Company enrolled the first patient in Phase 2b trial of BIV201 (continuous infusion terlipressin) for refractory ascites. Topline data readout is expected in early 2022.
Ascites are characterized by abdominal swelling caused by fluid accumulation, most often related to liver disease.
BioVie also plans to start a Phase 3 trial of BIV201 for hepatorenal syndrome-acute kidney injury (HRS-AKI).
Price Action: BIVI shares are down 32.40% at $8.69 during the premarket session on the last check Monday.