AzurRx BioPharma Announces Closing of $5.75 Million Bought Deal Offering and Exercise in Full of Underwriter’s Option to Purchase Additional Shares
July 27 2021 - 4:30PM
AzurRx BioPharma, Inc. (NASDAQ: AZRX), (“AzurRx” or the “Company”),
a clinical stage biopharmaceutical company specializing in the
development of targeted, non-systemic therapies
for gastrointestinal (GI) diseases, announced today the
closing of its previously announced underwritten public offering of
10,454,546 shares of common stock of the Company, including the
exercise in full by the underwriter of the option to purchase an
additional 1,363,636 shares of common stock, at a price to the
public of $0.55 per share.
H.C. Wainwright & Co. acted as the sole
book-running manager for the offering.
The gross proceeds to the Company, before
deducting underwriting discounts and commissions and offering
expenses, including the exercise in full of the underwriter’s
option to purchase 1,363,636 additional shares of common stock, are
approximately $5.75 million. The Company intends to use the net
proceeds from this offering for milestone payments due under our
license agreements and for other general corporate purposes, which
may include product manufacturing, clinical development,
acquisitions or investments in complementary businesses, products
or technologies, and/or increases in working capital.
The shares of common stock were offered by the
Company pursuant to a “shelf” registration statement on Form S-3
(File No. 333-256476) previously filed with the Securities and
Exchange Commission (the “SEC”) on May 26, 2021, and declared
effective by the SEC on June 2, 2021. The offering of the shares of
common stock was made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and the accompanying
prospectus relating to the offering have been filed with the SEC
and are available on the SEC’s website at http://www.sec.gov and
may be obtained by contacting H.C. Wainwright & Co., LLC at 430
Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212)
856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About AzurRx BioPharma,
Inc.
AzurRx BioPharma, Inc. (NASDAQ: AZRX) is a
clinical stage biopharmaceutical company specializing in
the development of targeted, non-systemic therapies
for gastrointestinal (GI) diseases. The Company has a pipeline
of three gut-restricted GI assets. The lead therapeutic candidate
is MS1819, a recombinant lipase for the treatment of exocrine
pancreatic insufficiency (EPI) in patients with cystic fibrosis and
chronic pancreatitis, currently in two Phase 2 clinical
trials. AzurRx is launching two clinical programs in 2021
using proprietary 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 oncology patients. The
Company is headquartered in Boca Raton, Florida with clinical
operations in Hayward, California. For more information,
visit www.azurrx.com.
Forward-Looking Statements
This press release may contain certain
statements relating to future results which are forward-looking
statements. These statements are not historical facts, but instead
represent only the Company’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company’s control. These forward-looking statements are subject
to risks and uncertainties including, among other things, the
intended use of proceeds from the public offering. It is possible
that the Company’s actual results and financial condition may
differ, possibly materially, from the anticipated results and
financial condition indicated in these forward-looking statements,
depending on factors including risks and uncertainties related to
market conditions; whether results obtained in preclinical and
nonclinical studies and clinical trials will be indicative of
results obtained in future clinical trials; whether preliminary or
interim results from a clinical trial will be indicative of the
final results of the trial; the size of the potential markets for
the Company’s drug candidates and its ability to service those
markets; and the Company’s current and future capital requirements
and its ability to raise additional funds to satisfy its capital
needs. Additional information concerning the Company and its
business, including a discussion of factors that could materially
affect the Company’s financial results, including those related to
the clinical development of its clinical assets, the results of its
clinical trials, and the impact of the coronavirus (COVID-19)
pandemic on the Company’s operations and current and planned
clinical trials, including, but not limited to delays in clinical
trial recruitment and participation, are contained in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020
under the heading “Risk Factors,” as well as the
Company’s subsequent filings with the Securities and Exchange
Commission. All forward-looking statements included in this press
release are made only as of the date of this press release, and we
do not undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which we hereafter become aware.
For more information:
AzurRx BioPharma, Inc.777 Yamato RoadSuite 502Boca Raton,
Florida 33431Phone: (561) 589-7020info@azurrx.com
Media contact:
Tiberend Strategic Advisors, Inc.Johanna Bennett/Ingrid
Mezo(212) 375-2665/(646)
604-5150jbennett@tiberend.com/imezo@tiberend.com
AzurRx BioPharma (NASDAQ:AZRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
AzurRx BioPharma (NASDAQ:AZRX)
Historical Stock Chart
From Sep 2023 to Sep 2024