AzurRx BioPharma Announces $10 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
March 08 2021 - 8:00AM
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, today announced that it
has entered into a definitive agreement with a single
healthcare-focused institutional investor for the issuance and sale
of an aggregate of 7,858,548 shares of common stock (or common
stock equivalent in lieu thereof) and warrants to purchase up to an
aggregate of 3,929,274 shares of common stock at an effective
purchase price of $1.2725 per share and accompanying warrant in a
registered direct offering priced at-the-market under Nasdaq rules.
The warrants have an exercise price of $1.21 per share, are
exercisable immediately, and will expire five years following the
date of issuance. The closing of the offering is expected to occur
on or about March 10, 2021, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds from the offering are
expected to be $10 million. AzurRx intends to use the net proceeds
received from the offering to initiate its two niclosamide clinical
programs in the first half of 2021, a Phase 2 clinical trial for
COVID-19 GI infections and a Phase 1b/2a trial for immune
checkpoint inhibitor induced colitis, respectively, and for other
general corporate purposes.
The securities described above are being offered
and sold by the Company in a registered direct offering pursuant to
a “shelf” registration statement on Form S-3 (File
No. 333-231954) including a base prospectus, previously filed
with and declared effective by the Securities and Exchange
Commission (the “SEC”) on June 25, 2019. The offering of the
securities is being made only by means of a prospectus supplement
that forms a part of the registration statement. A final prospectus
supplement and base prospectus relating to the registered direct
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement and the accompanying base prospectus may
also be obtained, when available, by contacting H.C. Wainwright
& Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022,
by phone at 646-975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or 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-420, for grade 1 Immune Checkpoint
Inhibitor Colitis and diarrhea in oncology patients
and FW-1022, for COVID-19 gastrointestinal infections. The
Company is headquartered in Delray Beach, 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
completion of the registered direct offering, the satisfaction of
customary closing conditions related to the registered direct
offering and the intended use of proceeds from the registered
direct 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, including 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 such as the
interim results presented will be indicative of the final results
of the trial. 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, 2019
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.1615 South Congress AvenueSuite 103Delray
Beach, Florida 33445Phone: (646) 699-7855info@azurrx.com
Media contact:
Tiberend Strategic Advisors, Inc.Johanna Bennett/Ingrid
Mezo(212) 375-2665/(646)
604-5150jbennett@tiberend.com/imezo@tiberend.com
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