AzurRx BioPharma Announces $3.0 Million Bought Deal Offering of Common Stock
July 22 2021 - 4:51PM
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 that it
has entered into an underwriting agreement with H.C. Wainwright
& Co., LLC under which the underwriter has agreed to purchase
on a firm commitment basis 5,454,546 shares of common stock of the
Company, at a price to the public of $0.55 per share, less
underwriting discounts and commissions. The closing of the offering
is expected to occur on or about July 27, 2021, subject to
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The Company has granted to the underwriter a
30-day option to purchase up to an additional 818,181 shares of
common stock at the public offering price, less underwriting
discounts and commissions. The gross proceeds to AzurRx, before
deducting underwriting discounts and commissions and offering
expenses and assuming no exercise of the underwriter’s option to
purchase additional common stock, are expected to be approximately
$3.0 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 are being 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 is made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A preliminary prospectus supplement and accompanying
prospectus relating to, and describing the terms of, the offering
will be filed with the SEC and will be available on the SEC’s
website at http://www.sec.gov. Electronic copies of the preliminary
prospectus supplement and accompanying 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 telephone
at (212) 856-5711or 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
completion of the public offering, the satisfaction of customary
closing conditions related to the public offering and 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 Jun 2024 to Jul 2024
AzurRx BioPharma (NASDAQ:AZRX)
Historical Stock Chart
From Jul 2023 to Jul 2024