andrei tolkachev
Dermatology drug developer Azitra (AZTR) has slightly increased its initial public offering proposal to $20 million.
Azitra said in a presentation that she was now seeking offer 2.4 million shares at a price of $5 per sharea figure that could probably change. Underwriters would be granted a 45-day option to purchase up to an additional 360,000 shares to cover over-allotments.
Last month, the biotech company indicated in an S-1 filing that it sought to raise about $17 million.
Azitra intends to list its shares on the NYSE under the symbol AZTR. Think Equity is serving as the lead underwriter.
Based in Connecticut, Azitra is a developer of bioengineered therapies for the treatment of dermatological diseases and disorders. The company’s main product is a genetically modified bacterium called ATR-12 for the treatment of a rare disease called Netherton Syndrome. The product is in phase I of tests.
Early Monday, neurostimulation device maker Cortigent (CRGT) filed for an initial public offering of $17 million. The company is developing devices to help restore vision in people with profound blindness and movement in the arms and hands of stroke patients.
Biotech IPOs have done pretty well so far this year. Mineralys Therapeutics (MLYS) raised $192 million in January, followed by a $161 million initial public offering by Structure Therapeutics (GPCR) in early February.
For more information on Azitra, see Donovan Jones’ “Azitra Starts $17M US IPO Effort” white paper.
