BioVie sells 21M shares at $1.50 in ‘best efforts’ public offering

BioVie announced the pricing of its “best efforts” public offering of 21M shares of its common stock and warrants to purchase up to 10.5M shares of common stock at a combined offering price of $1.00 per share. The warrants will have an exercise price of $1.50 per share and will be immediately exercisable upon issuance for a period of five years following the date of issuance. The gross proceeds to the company from the offering are expected to be approximately $21M. The company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. ThinkEquity is acting as sole placement agent for the offering.