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Pharma Tech Outlook | Tuesday, July 27, 2021
AzurRx BioPharma agrees to increase the previously announced public offering size by purchasing 9,090,910 shares on a firm commitment basis.
FREMONT, CA: AzurRx BioPharma, Inc., a clinical-stage biopharmaceutical company focused on the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, declares that, in response to increased demand, the underwriter has agreed to increase the size of the previously announced public offering by purchasing 9,090,910 shares on a firm commitment basis.
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H.C. Wainwright & Co. serves as the offering's only book-running manager.
The underwriter has been granted a 30-day option to purchase up to 1,363,636 shares of common stock at the public offering price, with fewer underwriting discounts and charges. The gross proceeds to AzurRx are projected to be about $5.0 million before underwriting discounts and commissions and offering expenses, and assuming no exercise of the underwriters' option to purchase further common stock. The Company intends to use the net proceeds from this offering to pay milestones under our licence agreements and for general corporate purposes, which may include product manufacturing, clinical development, acquisitions or investments in complementary businesses, products, or technologies, or working capital increases.
AzurRx BioPharma, Inc. (NASDAQ: AZRX) is a clinical-stage biopharmaceutical business focused on developing non-systemic, targeted treatments for gastrointestinal (GI) illnesses. The Company is developing three gut-restricted gastrointestinal (GI) properties. MS1819 is the principal therapeutic candidate, a recombinant lipase being evaluated in two Phase 2 clinical trials to treat exocrine pancreatic insufficiency (EPI) in individuals with cystic fibrosis and chronic pancreatitis. AzurRx plans to initiate two clinical trials in 2021 with patented formulations of niclosamide, a pro-inflammatory pathway inhibitor, FW-1022 for COVID-19 gastrointestinal infections and FW-420 for grade 1 Immune Checkpoint Inhibitor-Associated Colitis and Diarrhea in cancer patients. The Company's headquarters are in Boca Raton, Florida, while its clinical operations are located in Hayward, California.
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