Press Release July 18, 2017

Avenue Therapeutics Raises $38 Million in Initial Public Offering

Alston & Bird client Avenue Therapeutics, Inc., raised $38 million in an initial public offering of 6.33 million shares of common stock priced at $6.00 per share.

The offering included 825,000 shares that were subject to an underwriter’s overallotment option, which was exercised and closed concurrently with the completion of the IPO.

Shares of Avenue’s common stock began trading on NASDAQ on June 27 under the ticker symbol “ATXI,” and the IPO closed on June 30.

Oppenheimer & Co. Inc. acted as sole bookrunner, and National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation, acted as co-manager in the offering.

A subsidiary of biopharmaceutical company Fortress Biotech Inc., also an Alston & Bird client, Avenue is engaged in developing an intravenous formulation of tramadol HCl, or IV Tramadol, for managing moderate-to-moderately severe postoperative pain.

The Alston & Bird team advising on the transaction was led by partners Mark McElreath and Matt Mamak, working closely with senior associate Sean Doherty and associate Gerard Hart (Corporate & Business Transactions) and partners Julie Tibbets (Health Care/FDA) and Clay Littlefield (Tax).
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