Azitra, Inc. Announces Closing of Public Offering
Azitra, Inc. (NYSE American: AZTR), a clinical-stage biopharmaceutical company focused on precision dermatology, has successfully closed its public offering of 16,667,000 shares of common stock at $0.30 per share. The offering raised approximately $5 million in gross proceeds. ThinkEquity acted as the sole book-running manager for the offering. Azitra plans to use the net proceeds for clinical trials, product development, research and development, clinical manufacturing, working capital, and other general corporate purposes. The company has also granted underwriters a 45-day option to purchase up to an additional 2,500,000 shares to cover over-allotments.
Azitra, Inc. (NYSE American: AZTR), un'azienda biofarmaceutica in fase clinica focalizzata sulla dermatologia di precisione, ha concluso con successo la sua offerta pubblica di 16.667.000 azioni ordinarie a $0,30 per azione. L'offerta ha raccolto circa $5 milioni di proventi lordi. ThinkEquity ha agito come unico gestore dell'offerta. Azitra prevede di utilizzare i proventi netti per prove cliniche, sviluppo di prodotti, ricerca e sviluppo, produzione clinica, capitale circolante e altri usi aziendali generali. L'azienda ha inoltre concesso ai sottoscrittori un'opzione di acquisto di 45 giorni per ulteriori 2.500.000 azioni per coprire eventuali sovrapposizioni.
Azitra, Inc. (NYSE American: AZTR), una empresa biofarmacéutica en etapa clínica centrada en la dermatología de precisión, ha cerrado con éxito su oferta pública de 16,667,000 acciones ordinarias a $0.30 por acción. La oferta recaudó aproximadamente $5 millones en ingresos brutos. ThinkEquity actuó como único gerente de libro para la oferta. Azitra planea utilizar los ingresos netos para pruebas clínicas, desarrollo de productos, investigación y desarrollo, fabricación clínica, capital de trabajo, y otros propósitos corporativos generales. La empresa también ha otorgado a los suscriptores una opción de 45 días para comprar hasta 2,500,000 acciones adicionales para cubrir sobreasignaciones.
Azitra, Inc. (NYSE American: AZTR)는 정밀 피부과에 집중하는 임상 단계의 생명공학 회사로, 16,667,000주의 보통주를 주당 $0.30에 공모하는 공공 제안을 성공적으로 마무리했습니다. 이번 공모에서는 약 $5억의 총 수익이 발생했습니다. ThinkEquity는 이번 공모의 유일한 북마니저로 활동했습니다. Azitra는 순수익을 임상 시험, 제품 개발, 연구 및 개발, 임상 제조, 운영 자금 및 기타 일반 기업 용도에 사용할 계획입니다. 또한 이 회사는 인수인에게 초과 배정을 커버하기 위해 최대 2,500,000주를 추가로 구매할 수 있는 45일 옵션을 부여했습니다.
Azitra, Inc. (NYSE American: AZTR), une entreprise biopharmaceutique en phase clinique axée sur la dermatologie de précision, a réussi à clore son offre publique de 16 667 000 actions ordinaires à 0,30 $ par action. L'offre a permis de lever environ 5 millions de dollars de produits bruts. ThinkEquity a agi en tant que seul gestionnaire de livre pour l'offre. Azitra prévoit d'utiliser les produits nets pour essais cliniques, développement de produits, recherche et développement, fabrication clinique, fonds de roulement et autres fins d'entreprise générales. La société a également accordé aux souscripteurs une option de 45 jours pour acheter jusqu'à 2 500 000 actions supplémentaires pour couvrir les surallocations.
Azitra, Inc. (NYSE American: AZTR), ein biopharmazeutisches Unternehmen in der klinischen Phase, das sich auf präzise Dermatologie spezialisiert hat, hat erfolgreich sein öffentliche Angebot von 16.667.000 Stammaktien zu je 0,30 USD pro Aktie abgeschlossen. Die Emission brachte insgesamt etwa 5 Millionen USD ein. ThinkEquity agierte als alleiniger Buchführungsmanager für das Angebot. Azitra plant, die Nettoerlöse für klinische Studien, Produktentwicklung, Forschung und Entwicklung, klinische Herstellung, Betriebskapital sowie andere allgemeine Unternehmenszwecke zu verwenden. Das Unternehmen hat den Underwritern außerdem eine 45-tägige Option eingeräumt, bis zu 2.500.000 zusätzliche Aktien zum Ausgleich von Überzeichnungen zu kaufen.
- Successfully raised approximately $5 million in gross proceeds
- Funds to be used for clinical trials, product development, and R&D
- Additional 45-day option for underwriters to purchase up to 2,500,000 more shares
- Potential dilution of existing shareholders' equity due to new share issuance
- Low share price of $0.30 may indicate market concerns or financial challenges
Azitra's recent public offering marks a significant milestone for the clinical-stage biopharmaceutical company. The successful closing of the offering, raising approximately
The low offering price suggests potential challenges in the company's valuation or market perception. This could be due to various factors such as the early-stage nature of their pipeline or general market conditions in the biotech sector. The additional 45-day option for underwriters to purchase up to 2,500,000 more shares could lead to further dilution if exercised.
The stated use of proceeds for clinical trials, product development and working capital is typical for a company at this stage. However, investors should closely monitor how efficiently these funds are utilized to advance Azitra's pipeline in precision dermatology. The involvement of ThinkEquity as the sole book-running manager might indicate interest from larger investment banks, which could be a point of concern for potential investors.
Overall, while the offering provides necessary capital, it comes with significant dilution. The company's ability to translate this funding into meaningful clinical progress will be important for its future prospects and potential return on investment.
Azitra's focus on precision dermatology positions it in an interesting niche within the broader biopharmaceutical landscape. The successful completion of this public offering is a critical step for the company, providing essential funding to advance its pipeline. However, the relatively small size of the offering (
In the competitive world of biotech,
The low offering price of
Investors should closely monitor upcoming milestones, particularly any data readouts from ongoing or planned clinical trials. These will be critical in validating Azitra's approach and potentially improving their market position for future funding rounds or partnership opportunities.
ThinkEquity acted as the sole book-running manager for the offering.
The Company intends to use the net proceeds for clinical trials and product development, research and development, clinical manufacturing as well as for working capital and other general corporate purposes.
A registration statement on Form S-1 (File No. 333-276598) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and became effective on February 13, 2024. A prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor,
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 jurisdiction.
About Azitra, Inc.
Azitra, Inc. is an early-stage clinical biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and topical live biotherapeutic products. The Company has built a proprietary platform that includes a microbial library comprised of approximately 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics. The platform is augmented by artificial intelligence and machine learning technology that analyzes, predicts and helps screen the Company’s library of strains for drug like molecules.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding Azitra’s expectations on the anticipated use of proceeds from the offering. Any forward-looking statements in this press release are based on current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties are described in our final prospectus dated February 13, 2024 filed with the SEC on February 15, 2024. Azitra explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725675771/en/
Norman Staskey
Chief Financial Officer
staskey@azitra.com
Source: Azitra, Inc.
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