Last Friday, BioVie’s stock closed at $12.85. Nevertheless, today’s stock is plunging big: it is currently at $8.25, marking a tremendous 36% loss. What is the buzz? The company announced the pricing of its underwritten public offering of 2,500,000 shares of its Class A common stock at a public offering price of $8.00 per share, for gross proceeds of $20,000,000, prior to deducting underwriting discounts, commissions, and offering expenses.
Also, the company has granted the underwriters a 45-day option to buy an additional 375,000 shares of common stock to cover over-allotments at the offering price, less the underwriting discount.
BioVie, a clinical-stage biotechnology company, engages in the discovery, development, and commercialization of drugs therapies in the United States. It develops BIV201, which completed Phase 2a clinical trial for the treatment of ascites due to chronic liver cirrhosis. The company was formerly known as NanoAntibiotics, Inc. and changed its name to BioVie in July 2016. BioVie was founded in 2013 and is based in Santa Monica, California.