Avenue Therapeutics closes $12M offering, net $10.4M; uses proceeds to repurchase InvaGen shares

AVENUE THERAPEUTICS, INC.

Closed underwritten offering of 3,636,365 units at $3.30/unit; net proceeds ~$10.4M.
Proceeds to repurchase all shares held by InvaGen Pharmaceuticals; remainder for working capital.
Believes it now complies with Nasdaq equity requirement (min $2.5M) and bid price >$1.00 for 13 days.
Underwriter Aegis Capital Corp. also purchased 545,454 additional warrants via over-allotment.
Company awaiting formal Nasdaq compliance determination from Panel.

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