Avenue Therapeutics is a specialty pharmaceutical company whose mission is to develop IV tramadol, a potential alternative that could reduce the use of conventional opioids, for patients suffering from acute pain in the U.S. Avenue is headquartered in New York City and was founded by Fortress Biotech, Inc. (NASDAQ: FBIO).
FBIO owns a controlling number of voting shares of ATXI. Invagen entered an agreement to purchase ATXI if certain conditions are met, including approval of IV tramadol before April 30, 2021, but Invagen has indicated that due to the Covid epidemic, it can terminate its purchase agreement to acquire ATXI.