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February 14, 2024

Branford biopharma firm Azitra looks to raise $5M in public offering

Contributed Biopharmaceutical firm Azitra Inc. has announced a public offering.

Azitra Inc., a Branford-based biopharmaceutical firm, announced Tuesday discounted pricing for a public offering that aims to raise $5 million.  

Azitra is a clinical-stage biopharmaceutical company focusing on developing genetically engineered bacteria for therapeutic use in dermatology. The company said it intends to use the funds for clinical trials and product development, research and development and clinical manufacturing, as well as for working capital and other “general corporate purposes.”

Azitra said it will offer 16.67 million shares of its common stock, sold at 30 cents per share, for gross proceeds of approximately $5 million before deducting underwriting discounts and offering expenses, the company said in a news release.

The company’s stock trades on the New York Stock Exchange. Wednesday morning the stock was trading at 87 cents per share, above its 52-week low of 81 cents per share.

All of the shares of common stock are being offered by the company. In addition, Azitra has granted the underwriters a 45-day option to purchase up to an additional 2.5 million shares of common stock to cover over-allotments at the public offering price, less the underwriting discount, it said.

The offering is expected to close on Feb. 16, subject to satisfying the customary closing conditions.

ThinkEquity is acting as the sole manager for the offering.

Azitra 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 company said, adding that the platform is augmented by artificial intelligence and machine learning technology that analyzes, predicts and helps screen the library of strains for drug-like molecules.

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