Baudax Bio Inc. (NASDAQ:BXRX) has offered an update about the commercial launch of ANJESO and an update on its warrant exchange agreement.
The uptake of ANJESO has been exceptional since its commercial launch
Geri Henwood, the CEO and President of the company, stated that during 1H 2020, the company received approval for the commercial launch of ANJESO. ANJESO is the company’s first and only non-opioid intravenous non-steroidal anti-inflammatory agent given once a day to manage moderate to severe pain. Henwood indicated that the commercial launch of ANJESO is going ion well, and the company is delighted with uptake for the product and feedback from doctors. The CEO added that although there is a massive demand from customers with more orders, the pandemic has affected the commercial launch. As a result, revenue ramp will take more time than initially anticipated.
For the rest of the year, the company is focusing on securing hospital formulary adoption and incorporating ANJESO into standard pain management procedures. Baudax is working with the anesthesia and surgical community to create awareness on ANJESO and help ensure patients and physicians have access to the product.
The US commercial launch of the product is progressing well following its availability through wholesalers in June. Around 50 institutions have included ANJESO in their formulary, with average order size increased by 75% since the launch. The re-order rate is around 50%, and in just three months, ANJESO has been used in various surgical and non-surgical procedures. It is being incorporated into electronic health record order sets and surgical protocols as demand continues to grow.
Baudax enters warrant exchange agreement
The company entered warrant exchange agreements effective October 19, 2020, with holders of its short-dated Series B Warrants and the long-dated Series A Warrants. The agreements provide for the exchange of 0.2 shares of common shares for each warrant for the Series A and Series B warrants held by holders. Following the warrant exchange agreement, the rest of the outstanding warrants’ exercise price has been adjusted to $0.01 for each share.