Azitra, Inc, a biopharmaceutical company focused on developing therapies for precision dermatology using engineered proteins and topical live biotherapeutic products, has announced the pricing of its downsized initial public offering (IPO).
Azitra plans to raise $7.5 million by offering 1.5 million of its common shares at a price of $5 per share.
The company had previously indicated a 2.4 million share offering.
The offering is expected to close on June 21, 2023, and the company’s stock is expected to begin trading on the NYSE American under the ticker symbol ‘AZTR’ on June 16, 2023.
Azitra said it intends to use the net proceeds from the IPO for clinical trials and product development, research and development, clinical manufacturing as well as for working capital and other general corporate purposes.
The company’s pipeline is led by a genetically modified strain of bacteria targeting the orphan disease Netherton syndrome.
Azitra has built a proprietary platform, augmented by artificial intelligence, which includes a microbial library comprised of about 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics.
Contact Sean at sean@proactiveinvestors.com