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BRANFORD, Conn. - Azitra, Inc. (NYSE American: AZTR), a biopharmaceutical company specializing in precision dermatology therapies with a current market capitalization of $2.12 million, has reached an agreement for a registered direct offering of common stock that is expected to generate approximately $930,000 in gross proceeds. The agreement with certain institutional investors involves the sale of 3,339,300 shares at $0.2785 per share. According to InvestingPro data, the stock has experienced significant volatility, declining over 99% in the past year.
The transaction is scheduled to close on Tuesday, subject to the satisfaction of standard closing conditions. Azitra has stated that the net proceeds will be allocated for working capital and general corporate purposes. InvestingPro analysis indicates the company is quickly burning through cash, with an EBITDA of -$11.06 million in the last twelve months, though it maintains a healthy current ratio of 5.58.
Maxim Group LLC is serving as the sole placement agent for the offering, which is being conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
This press release does not represent an offer to sell or a solicitation of an offer to buy the securities, and there will be no sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.
Azitra’s portfolio includes ATR-12, a product under Phase 1b clinical trial for Netherton syndrome treatment, and ATR-04, aimed at treating EGFR inhibitor-associated rash, for which the company has received FDA Fast Track designation. Both products are developed from Azitra’s proprietary platform that leverages a library of bacterial strains alongside artificial intelligence and machine learning to identify potential drug-like molecules.
The company’s forward-looking statements indicate plans for the use of proceeds, expected data presentation from the ATR-12 Phase 1b study, and future clinical developments. However, these statements are subject to various risks, including potential delays in clinical trials, regulatory changes, funding needs, market competition, and reliance on third-party manufacturing and testing. InvestingPro subscribers can access 13 additional key insights about Azitra’s financial health and market position, which currently shows an overall weak financial health score of 1.37.
The information in this article is based on a press release statement from Azitra, Inc.
In other recent news, Azitra Inc., a biopharmaceutical company, has announced a public offering of nearly 4.9 million shares of its common stock, priced at $0.30 per share, with the gross proceeds expected to reach around $1.5 million. This offering, which is being conducted under a shelf registration statement declared effective by the U.S. Securities and Exchange Commission (SEC) in July 2024, will be managed by Maxim Group LLC as the exclusive placement agent. The company intends to use the net proceeds from the offering for general corporate purposes and working capital.
In addition to this financial development, Azitra is making strides in its product pipeline. The company’s lead product, ATR-12, is in a Phase 1b clinical trial for treating Netherton syndrome. Another product, ATR-04, is being developed to address rashes associated with EGFR inhibitor therapies and has received Fast Track designation from the FDA.
These are recent developments for Azitra, and as with any investment, potential investors are advised to consult the relevant prospectus and consider the risks and uncertainties mentioned in the company’s SEC filings before making investment decisions.
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