BioVie Inc. Announces Closing of Public Offering Carson City, Nevada

Announces Closing of Public Offering

Carson City, Nevada, September 25, 2024 -

BioVie Inc. (Nasdaq: BIVI), ("BioVie" or the "Company"), a clinical-stage

company developing innovative drug therapies to treat chronic debilitating conditions including liver disease and neurological and neuro-degenerative

disorders, today announced the closing of a previously announced best efforts public offering of

1,360,800 shares of its common stock, pre-funded warrants to purchase 600,000 shares of its common stock ("Pre-funded Warrants")

and warrants to purchase up to 1,960,800 shares of common stock (the "Common Warrants") at a combined public offering price

of $1.53 per share (or Pre-funded Warrant) and associated Common Warrant. The Common Warrants have an exercise price of $1.53 per share

and are immediately exercisable upon issuance for a period of five years following the date of issuance. The gross proceeds to the Company

from the offering are approximately $3,000,000, before deducting placement agent fees and offering expenses. The Company intends to use

the net proceeds from the offering primarily for working capital and general corporate purposes.

acted as sole placement agent for the offering.

The securities were offered and sold pursuant to a

shelf registration statement on Form S-3 (File No. 333-274083), including a base prospectus, filed with the U.S. Securities and Exchange

Commission (the "SEC") on August 18, 2023 and declared effective on August 28, 2023. A final prospectus supplement and accompanying

prospectus describing the terms of the offering was filed with the SEC and is available on its website at www.sec.gov. Copies of the final

prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices

of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

This press release shall not constitute an offer to

sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such

an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or

BioVie Inc. (NASDAQ: BIVI) is a clinical-stage company

developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver disease. In

neurodegenerative disease, the Company's drug candidate NE3107 inhibits inflammatory activation of ERK and NFkB (e.g., TNF signaling)

that leads to neuroinflammation and insulin resistance, but not their homeostatic functions (e.g., insulin signaling and neuron growth

and survival). Both are drivers of Alzheimer's and Parkinson's diseases. The Company conducted and reported efficacy data

on its randomized, double-blind, placebo-controlled, parallel-group, multicenter study to evaluate NE3107 in patients who have mild to

moderate Alzheimer's disease (NCT04669028). Results of a Phase 2 investigator-initiated trial (NCT05227820) showing NE3107-treated patients

experienced improved cognition and biomarker levels were presented at the Clinical Trial in Alzheimer's Disease annual conference

in December 2022. An estimated six million Americans suffer from Alzheimer's. A Phase 2 study of NE3107 in Parkinson's disease

(NCT05083260) has completed, and data presented at the International Conference on Alzheimer's and Parkinson's Disease and Related Neurological

Disorders conference in Gothenburg, Sweden in March 2023 showed significant improvements in "morning on" symptoms and clinically

meaningful improvement in motor control in patients treated with a combination of NE3107 and levodopa vs. patients treated with levodopa

alone, and no drug-related adverse events. In liver disease, the Company's Orphan drug candidate BIV201 (continuous infusion terlipressin),

with U.S Food and Drug Administration ("FDA") Fast Track status, is being evaluated and discussed with guidance received

from the FDA regarding the design of Phase 3 clinical testing of BIV201 for the treatment of ascites due to chronic liver cirrhosis.

The active agent is approved in the U.S. and in about 40 countries for related complications of advanced liver cirrhosis. For more information,

visit http://www.bioviepharma.com/.

Forward-Looking Statements

This press release contains forward-looking

statements, which may be identified by words such as "expect," "look forward to," "anticipate"

"intend," "plan," "believe," "seek," "estimate," "will,"

"project" or words of similar meaning. Although BioVie Inc. believes such forward-looking statements are based on

reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from

those expressed or implied by the statements herein due to the Company's ability to successfully raise sufficient capital on

reasonable terms or at all, available cash on hand and contractual and statutory limitations that could impair our ability to pay

future dividends, our ability to complete our pre-clinical or clinical studies and to obtain approval for our product candidates,

our ability to successfully defend potential future litigation, changes in local or national economic conditions as well as various

additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time

in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on

Form 10-K. BioVie Inc. does not undertake any duty to update any statements contained herein (including any forward-looking

statements), except as required by law.

For Investor Relations Inquiries:

Managing Director, LifeSci Advisors, LLC

For Media Relations Inquiries:

Managing Partner, Elixir Health Public Relations