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Avenue Therapeutics, Inc. (ATXI) Stock Plunged 4.75% Pre-Market, Here’s Why

Avenue Therapeutics, Inc. (ATXI) stock plummeted 4.75% in the pre-market trading session at the price of $0.54 despite no fundamental reason.

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ATXI, located in New York City, is a specialty pharmaceutical firm that develops and commercializes IV tramadol. This drug is a potential substitute that could alleviate the use of traditional opioids for U.S. patients having acute pain.

FDA Advisory Meeting Results

On 15th February 2022, ATXI stock announced the results of the U.S. FDA joint conference on IV tramadol. The title of the meeting was the Anesthetic and Analgesic Drug Products Advisory Committee. Additionally, the company reported halting the trading of its common stock shares on the NASDAQ Capital Market.

In the conclusive part of the general meeting, the advisors voted yes or no on several questions. FDA advisory panels provided the FDA with independent advice and non-binding suggestions. The FDA has earlier stated that information from a committee is required for the Office of New Drugs to decide Avenue’s FDRR. The OND will reply to Avenue’s FDRR within 30 days following the advisory meeting.

Closure of Public Offering

Earlier on 15th December 2021, ATXI reported the closure of its public offering of roughly 1,910,100 common stock shares. The shares had offered at an offering price of US$1.07. Additionally, the company has given underwriters a 45-day option to buy another 286,430 shares. The offering was subject to customary closing conditions.

The company earned the gross proceeds of US$2.0 million from the offering before subtracting underwriting charges, discounts, and other expenses. The company hopes to utilize the gross proceeds from the offering for its working capital and general corporate purposes. The stock’s shares started trading on the NASDAQ capital market using the symbol ATXI. The stock reported being the sole bookrunner on its US$2 million public offering of common stock shares.

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