CORRECTING and REPLACING Azitra, Inc. Announces Closing of $10.0 Million Public Offering
26 July 2024 - 7:57AM
Business Wire
Please replace the release with the following corrected version
due to multiple revisions.
The updated release reads:
AZITRA, INC. ANNOUNCES CLOSING OF $10.0
MILLION PUBLIC OFFERING
Azitra, Inc. (NYSE American: AZTR) (“Company”), a clinical-stage
biopharmaceutical company focused on developing innovative
therapies for precision dermatology, today announced the closing of
its previously announced public offering of an aggregate of
6,665,000 shares of its common stock, and Class A warrants to
purchase up to 13,330,000 shares of common stock, at a combined
public offering price of $1.50 per share and accompanying warrants.
The Class A warrant will have an initial exercise price of $1.50
per share, will be exercisable immediately upon issuance, and will
expire on the fifth anniversary of the original issuance date.
Maxim Group LLC acted as the exclusive placement agent for the
offering.
The gross proceeds from the offering, before deducting the
placement agent’s fees and other offering expenses, were
approximately $10.0 million. The Company intends to use the net
proceeds from this offering for working capital and general
corporate purposes.
The securities described above were offered pursuant to a
registration statement on Form S-1, as amended (File No.
333-280806), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on July 23, 2024. The offering was
made only by means of a prospectus which forms a part of the
effective registration statement. A final prospectus relating to
the offering has been filed with the SEC. Electronic copies of the
final prospectus may be obtained on the SEC’s website at
www.sec.gov and 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 shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, 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 an early-stage clinical biopharmaceutical
company focused on developing innovative therapies for precision
dermatology using engineered proteins and topical live
biotherapeutic products. The Company has built a proprietary
platform that includes a microbial library comprised of
approximately 1,500 unique bacterial strains that can be screened
for unique therapeutic characteristics. The platform is augmented
by artificial intelligence and machine learning technology that
analyzes, predicts and helps screen the Company's library of
strains for drug like molecules. The Company's initial focus is on
the development of genetically engineered strains of Staphylococcus
epidermidis, or S. epidermidis, which the Company considers to be
an optimal therapeutic candidate species for engineering of
dermatologic therapies.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including statements regarding Azitra’s
anticipated use of proceeds therefrom.
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 are
described in our prospectus dated July 19, 2024 filed with the SEC
on July 19, 2024. Azitra explicitly disclaims any obligation to
update any forward-looking statements except to the extent required
by law.
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Norman Staskey Chief Financial Officer staskey@azitra.com
Azitra (AMEX:AZTR)
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