Andrei Tolkachev
Dermatology drug developer Azitra (AZTR) has slightly increased its proposed IPO to $20 million.
Azitra said in a filing that it now plans to offer 2.4 million shares at $5 per share, a figure that could probably change. Underwriters would have a 45-day option to purchase up to 360,000 additional shares to cover over-allotments.
Last month, in an S-1 filing, the biotech said it was trying to raise about $17 million.
Azitra intends to list its shares on the NYSE under the symbol AZTR. Think Equity acts as lead underwriter.
Connecticut-based Azitra is a developer of bioengineered therapies for the treatment of dermatological diseases and disorders. The company’s lead product is a genetically engineered bacterium called ATR-12 to treat a rare disease called Netherton Syndrome. The product is in test phase I.
Earlier Monday, neurostimulation device maker Cortigent (CRGT) filed for a $17 million IPO. The company develops devices to restore vision in people who are profoundly blind and to restore movement in the arms and hands of stroke victims.
Biotech IPOs have performed reasonably well so far this year. Mineralys Therapeutics (MLYS) raised $192 million in January, followed by Structure Therapeutics (GPCR)’s $161 million IPO in early February.
For more information on Azitra, see Donovan Jones’ “Azitra Starts $17M US IPO Effort.”
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