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Azitra Inc., a Branford-based biopharmaceutical firm, has announced the pricing for a public offering of its common stock.
The company on Tuesday announced the proposed public offering, and followed up on Wednesday by announcing that it would offer 4.86 million shares of common stock priced at 30 cents per share, with the gross proceeds expected to be approximately $1.5 million.
The offering was expected to close on Thursday subject to customary closing conditions.
The company said it intends to use the net proceeds from the offering for “working capital and general corporate purposes.”
Azitra is a clinical-stage biopharmaceutical company focusing on developing genetically engineered bacteria for therapeutic use in dermatology.
The company’s stock trades on the New York Stock Exchange under the symbol AZTR. Friday morning, the stock opened at 27 cents per share, above its 52-week low of 24 cents per share by far below its 52-week high of $68.40 per share.
In September, the U.S. Food and Drug Administration (FDA) granted fast track designation to Azitra for its topically applied ATR-04 to treat moderate to severe epidermal growth factor receptor inhibitor (EGFRi) associated dermal toxicity.
The FDA's fast track program aims to facilitate the development, and expedite the review, of novel potential therapies that are designed to treat serious conditions and have the potential to address significant, unmet medical needs.
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