Azitra, Inc. (NYSE American: AZTR), a clinical-stage biopharmaceutical company specializing in precision dermatology, has announced the successful closing of its public offering. The offering comprised 6,665,000 shares of common stock and Class A warrants to purchase up to 13,330,000 additional shares of common stock, priced at $1.50 per share and accompanying warrant. The Class A warrants have an initial exercise price of $1.50 per share, are immediately exercisable, and will expire five years from the issuance date.
Maxim Group LLC served as the exclusive placement agent for the offering.
The offering generated gross proceeds of approximately $10.0 million, before deducting placement agent fees and other expenses. The Company plans to use the net proceeds for working capital and general corporate purposes.
The securities were offered under a registration statement on Form S-1 (File No. 333-280806), which was declared effective by the SEC on July 23, 2024. The offering was conducted solely through a prospectus included in the effective registration statement.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be illegal prior to registration or qualification under the securities laws of that jurisdiction.
About Azitra, Inc.
Azitra, Inc. is an early-stage clinical biopharmaceutical company developing innovative dermatology therapies using engineered proteins and topical live biotherapeutic products. The Company has established a proprietary platform featuring a microbial library of approximately 1,500 unique bacterial strains. This platform is enhanced by AI and machine learning to analyze and screen the strains for therapeutic potential. Azitra’s primary focus is on genetically engineered strains of Staphylococcus epidermidis, which are considered optimal candidates for dermatologic therapies.
