On December 12, 2021 Avenue Therapeutics, Inc. (NASDAQ: ATXI) ("Avenue"), a company focused on the development of intravenous ("IV") tramadol for the U.S. market, reported the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $2.0 million, before deducting underwriting discounts and commissions and other estimated expenses payable by the Company (Press release, Avenue Therapeutics, DEC 12, 2021, View Source [SID1234596949]). The offering equates to 1,910,100 shares at a price to the public of $1.07 per share. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

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In addition, the Company granted the underwriters a 45-day option to purchase additional shares of common stock, representing up to 15.0% of the number of the shares, solely to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $2.3 million, if the over-allotment option is exercised in full.

The offering is expected to close on December 15, 2021, subject to the satisfaction of customary closing conditions.

Aegis Capital Corp. is acting as sole book-running manager for the offering.

The securities described above are being offered by Avenue Therapeutics pursuant to an effective registration statement on Form S-3 (No. 333-261520) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on December 10, 2021. A final prospectus (the "Prospectus") describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at View Source Electronic copies of the Prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the Prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such Prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sales of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.