BRANFORD, Conn., Jan. 15,
2025 /PRNewswire/ -- Azitra, Inc. (NYSE
American: AZTR), a clinical-stage biopharmaceutical company focused
on developing innovative therapies for precision dermatology, today
announced the pricing of its previously announced public offering
of 4,857,780 shares of common stock at a public offering price of
$0.30 per share. The gross proceeds
for the offering are expected to be approximately $1.5 million before deducting placement agent
fees and other offering expenses. This offering is expected to
close on January 16, 2025, subject to
customary closing conditions. Azitra intends to use the net
proceeds of this offering for working capital and general corporate
purposes.
Maxim Group LLC is acting as sole placement agent in connection
with the offering.
The public offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-280648),
previously filed with the U.S. Securities and Exchange Commission
(the "SEC") on July 1, 2024, as
amended, and declared effective on July 8,
2024. The shares may be offered only by means of a
prospectus. A preliminary prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
public offering has been filed with the SEC and is available on the
SEC's website at www.sec.gov. A final prospectus supplement and an
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC's website at
www.sec.gov. When available, copies of the preliminary
prospectus supplement and accompanying prospectus, and when filed,
the final prospectus supplement and accompanying prospectus,
relating to the public offering may also be obtained by contacting
Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus
Department, or by telephone at (212) 895-3745 or by email at
syndicate@maximgrp.com.
This press release does not constitute an offer to sell or the
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 Azitra, Inc.
Azitra, Inc. is a clinical stage biopharmaceutical company
focused on developing innovative therapies for precision
dermatology. The Company's lead product, ATR-12, is an engineered
strain of S. epidermidis designed to treat Netherton syndrome, a
rare, chronic skin disease with no approved treatment options.
Netherton syndrome is often fatal in infancy with those living
beyond a year having profound lifelong challenges. ATR-12 is being
evaluated in a Phase 1b clinical
trial in adult Netherton syndrome patients. ATR-04, Azitra's next
most advanced product, is being developed for the treatment of EGFR
inhibitor ("EGFRi") associated rash. Azitra has received Fast Track
designation from the FDA for EGFRi associated rash, which impacts
approximately 150,000 people in the U.S. Azitra has an open IND for
a Phase 1/2 clinical trial with ATR-04 in patients with EGFRi
associated rash. ATR-12 and ATR-04 were developed from Azitra's
proprietary platform of engineered proteins and topical live
biotherapeutic products that includes a microbial library comprised
of approximately 1,500 bacterial strains. The platform is augmented
by artificial intelligence and machine learning technology that
analyzes, predicts, and helps screen the library of strains for
drug like molecules. For more information, please visit
https://azitrainc.com.
Forward-Looking Statements:
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended.
These statements may be identified by words such as "aims,"
"anticipates," "believes," "could," "estimates," "expects,"
"forecasts," "goal," "intends," "may," "plans," "possible,"
"potential," "seeks," "will," and variations of these words or
similar expressions that are intended to identify forward-looking
statements. Any such statements in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding the Company's ability to satisfy
closing conditions for the offering, the expected timing of the
presentation of data from the Phase 1b study of ATR-12, the filing of an IND
application, and the presentation of data from our Phase
1b for ATR-04, the IND filing for
ATR-01, and statements about our clinical and pre-clinical
programs, and corporate and clinical/pre-clinical strategies.
Any forward-looking statements in this press release are based
on current expectations, estimates and projections only as of the
date of this release and are subject to a number of risks and
uncertainties that could cause actual results to differ materially
and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, that we may fail to successfully complete
our Phase 1b trial for ATR-12; we may
experience delays in the initiation of our Phase 1/2 trial for
ATR-04; our product candidates may not be effective; there may be
delays in regulatory approval or changes in regulatory framework
that are out of our control; our estimation of addressable markets
of our product candidates may be inaccurate; we may fail to timely
raise additional required funding; more efficient competitors or
more effective competing treatment may emerge; we may be involved
in disputes surrounding the use of our intellectual property
crucial to our success; we may not be able to attract and retain
key employees and qualified personnel; earlier study results may
not be predictive of later stage study outcomes; and we are
dependent on third-parties for some or all aspects of our product
manufacturing, research and preclinical and clinical testing.
Additional risks concerning Azitra's programs and
operations are described in our Annual Report on Form 10-K,
subsequent Reports on Form 10-Q, and our other filings we make with
the SEC. Azitra explicitly disclaims any obligation to
update any forward-looking statements except to the extent required
by law.
Contact:
Norman Staskey
Chief Financial Officer
staskey@azitrainc.com
Tiberend Strategic Advisors, Inc.
Jon Nugent
205-566-3026
jnugent@tiberend.com
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SOURCE Azitra, Inc.
