Baudax Bio : Corporate Overview

Corporate Overview

January 2021

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Forward Looking Statements

This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases may be used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements are subject to risks and uncertainties including, among other things, the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the commercial launch of ANJESO® or disruption in supply chain, our ability to maintain regulatory approval for ANJESO®, our ability to successfully commercialize ANJESO®; the extent to which government reimbursement for ANJESO remains available at adequate levels and the impact of any changes in government reimbursement on our pricing of ANJESO; the acceptance of ANJESO® by the medical community, including physicians, patients, health care providers and hospital formularies; our ability and that of our third party manufacturers to successfully scale-up our commercial manufacturing process for ANJESO®, our ability to produce commercial supply in quantities and quality sufficient to satisfy market demand for ANJESO®, our ability to raise future financing for continued product development, payment of milestones, required debt payments and ANJESO® commercialization, our ability to manage costs and execute on our operational and budget plans, the accuracy of our estimates of the potential market for ANJESO®, our ability to achieve our financial goals, our ability to operate under increased leverage; and our ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. This presentation is intended to be non- promotional and for investor discussion purposes only.

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Please see Important Safety Information including BOXED WARNING at the end of presentation. Full Prescribing

Information at www.ANJESO.com

Company Highlights

• ANJESO® (meloxicam) injection*
• • Product launched June 2020
  • Approved February 20, 2020 for use in adults for the management of moderate-to-severepain, alone or in combination with non-NSAIDanalgesics
  • Significant Potential Commercial Opportunity
• Additional pipeline candidates in clinical stage development for acute care settings
• Baudax Financial position
• • $50 million credit facility secured in May 2020; $10 million drawn in Q2 2020
  • Cash as of 09/30/20 : $24.6 Million
  • Q4 equity transactions raised $22 Million
• Experienced management team with significant commercial, development, and regulatory experience
• • Limitation of Use: Because of delayed onset of analgesia, ANJESO® alone is not recommended for use when rapid onset of analgesia is required.

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Please see Important Safety Information including BOXED WARNING at the end of presentation.

Full Prescribing Information at www.ANJESO.com

Experienced Commercial Management &

Launch Leadership Team

Gerri Henwood - President and CEO

Founded Recro Pharma (REPH), Auxilium Pharmaceuticals (AUXL - NASDAQ then Endo) and IBAH (NASDAQ then Omnicare); GSK

Ryan Lake - Chief Financial Officer

20 years financial leadership experience - Recro (REPH), Aspire Bariatrics, DSM (DSM.AS) - DSM Biomedical, Kensey Nash (KNSY)

John Harlow - EVP and Chief Commercial Officer

Over 20 years commercial launch and leadership experience - Recro, Novartis, Alpharma/King/Pfizer, Endo, Shionogi, Janssen

Greg Gangemi - Vice President, Sales, Trade & Market Access

Over 25 years of industry, launch and operations experience - Recro, Sepracor/Sunovion, Cubist, Ferring and Ocular Therapeutix

Janeese Carter - Senior Director, Marketing

Over 15 years of marketing, market research, new business strategy, and sales - Recro Pharma, CSL Behring, Pfizer/Wyeth

Paul Baddeley - Senior Director, Commercial Operations

20 years of industry and consulting experience in commercial operations & analytics - Recro, Collegium, IMS Health, Endo

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