AzurRx BioPharma (AZRX) Prices Smaller IPO at $5.50/Share
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AzurRx BioPharma Inc. (NASDAQ: AZRX) announced today that its initial public offering of 960,000 shares of common stock has been priced at $5.50 per share. Total gross proceeds from the offering will be $5,280,000. The pricing was in-line, although the offering size was cut from 1,200,000 shares.
The shares will begin trading on October 11, 2016 on the NASDAQ Capital Market under the ticker symbol "AZRX." The underwriters have a 45-day option to purchase up to 144,000 additional shares of common stock from AzurRx to cover over-allotments, if any. The Company intends to use the net proceeds of the offering to conduct the necessary validation testing on the MS1819 capsules that will be used in future clinical studies, to conduct the phase 2a trial, and for working capital and general corporate purposes.
WallachBeth Capital, LLC and Network1 Financial Securities, Inc. acted as co-book running managers and ViewTrade Securities Inc. acted as a co-manager for the offering.
AzurRx BioPharma, Inc. aims to become a leader in developing non-systemic, recombinant protein therapies for the treatment of gastrointestinal diseases and related conditions. MS1819 recombinant lipase for exocrine pancreatic insufficiency is the company’s lead development program, and additional early stage research is being conducted for the prevention of hospital-acquired infection. The company is headquartered in Brooklyn, NY, with scientific operations based in Langlade, France.
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