Avenue Therapeutics Completes Initial Public Offering

NEW YORK, June 30, 2017 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ:ATXI) (“Avenue”), a Fortress Biotech, Inc. (NASDAQ:FBIO) company, announced today that it has completed its initial public offering of 6,325,000 shares of common stock, at a public offering price of $6.00 per share, for a total offering size of $37,950,000, before deducting underwriting discounts and commissions and estimated offering expenses.  The shares sold include 825,000 shares which were subject to an underwriters’ overallotment option that was exercised and closed concurrently with the closing of the initial public offering. 

Avenue’s common stock began trading on The Nasdaq Capital Market (NASDAQ) on June 27, 2017, under the ticker symbol “ATXI.”   

Oppenheimer & Co. Inc. acted as sole book-runner and National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), acted as co-manager in this offering.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This offering was made only by means of a prospectus.  Copies of the final prospectus can be obtained by contacting Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com, or by accessing the SEC’s website, www.sec.gov.     

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

About Fortress Biotech

Fortress Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies.  Additionally, Fortress recently acquired a controlling interest in National Holdings Corporation (NASDAQ:NHLD), a diversified independent brokerage company. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensings, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com.  
  
About Avenue Therapeutics, Inc.   

Avenue is a New York-based, specialty pharmaceutical company focused on the development and commercialization of an intravenous formulation of tramadol HCl (“IV Tramadol”) for the management of moderate to moderately severe postoperative pain. Avenue Therapeutics completed pharmacokinetics and End-of-Phase 2 studies for IV Tramadol in 2016, and plans to initiate a Phase 3 development program of IV Tramadol this year.

Forward-Looking Statements

This press release includes certain disclosures which contain “forward-looking statements,” within the meaning of the U.S. federal securities laws.  You can identify forward-looking statements because they contain words such as “plan to” and “expects.” Forward-looking statements are based on Avenue’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Avenue’s filings with the Securities and Exchange Commission, including its registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.”

Contact:
Lucy Lu, M.D., Chief Executive Officer and President
Avenue Therapeutics, Inc.
781-652-4500; ir@avenuetx.com 

Released June 30, 2017