Avenue Therapeutics, Inc. announced that it has entered into an unwritten agreement with Fortress Biotech, Inc. and Lindsay A. Rosenwald that it has issued 767,085 shares at an issue price of $0.717 for the gross proceeds of $549,999.945 on September 8, 2023. The company did not incur any underwriting or placement agent fees associated with the transaction. The offering and sale of the Shares is exempt from registration under Section 4(a)(2) of the Securities Act and corresponding provisions of state securities or blue sky laws.

The sale of the Shares by the Company in the Private Placement has not been registered under the Securities Act or any state securities laws, and the Shares may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration requirements.