BRANFORD, Conn. - Azitra, Inc. (NYSE American: AZTR), a clinical-stage biopharmaceutical company, has completed its public offering of shares, raising approximately $5 million before expenses. The offering involved 16.67 million shares of common stock at $0.30 each. The company also provided underwriters a 45-day option to buy up to an additional 2.5 million shares to cover over-allotments.
The proceeds from this offering, which closed today, are earmarked for various corporate activities. Azitra plans to allocate the funds towards clinical trials and product development, research and development, clinical manufacturing, as well as working capital and other general corporate purposes.
ThinkEquity served as the sole book-running manager for the offering. The offering was based on a registration statement filed with the Securities and Exchange Commission (SEC) and became effective on February 13, 2024. A prospectus detailing the offering terms has been filed with the SEC and is accessible on their website.
Azitra, known for its focus on precision dermatology, utilizes engineered proteins and live biotherapeutic products in its treatments. The company boasts a proprietary platform with a microbial library of approximately 1,500 unique bacterial strains, enhanced by artificial intelligence and machine learning to screen for therapeutic characteristics.
The company's forward-looking statements indicate the intended use of the offering's proceeds but also acknowledge the risks and uncertainties inherent in such projections. These risks are detailed in the final prospectus dated February 13, 2024, filed with the SEC on February 15, 2024. Azitra has disclaimed any obligation to update forward-looking statements unless legally required.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.
The information in this article is based on a press release statement from Azitra, Inc.
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