24/7 Market News Snapshot 24 October, 2024 – BioVie, Inc. Common Stock (NASDAQ:BIVI)

October 24, 2024

DENVER, Colo., 24 October, 2024 (247marketnews.com) – (NASDAQ:BIVI) are discussed in this article.
BioVie, Inc. (BIVI) has demonstrated robust performance in the stock market, reflecting significant investor interest. After opening at $2.88, the shares have surged to approximately $2.906, marking an increase of around 13.07% from a previous close of $2.570. This surge, supported by a trading volume of 13.61 million shares, suggests strong bullish sentiment and a potential continuation of upward trends. Analysts view the recent breakout above the $2.85 resistance level favorably, interpreting it as a positive indicator for the stock’s trajectory in the near term.

In addition to its favorable trading prospects, BioVie has announced the successful closure of a registered direct offering, through which it sold 2,667,000 shares of common stock at a price of $2.25 per share. This move has provided the company with gross proceeds of approximately $6,000,750 prior to expenses. Alongside this offering, BioVie executed a private placement that included unregistered warrants for the purchase of an equivalent number of shares, each with an exercise price of $2.12. These warrants will be exercisable six months after issuance and will remain valid for five years, thereby enhancing the company’s financial flexibility.

The capital raised will be utilized for working capital and general corporate purposes, as BioVie strives to advance its innovative therapeutic candidates, notably bezisterim for neurological conditions and BIV201 for advanced liver disease. With the FDA granting Fast Track designation to BIV201, BioVie is moving towards pivotal Phase 3 trials targeting decompensation in liver cirrhosis patients. This successful capital raise exemplifies investor confidence in BioVie’s commitment to addressing critical health challenges through its advanced medical solutions.

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