Full Press Release Details
AzurRx BioPharma Announces $3.0 Million Bought
Deal Offering of Common Stock
RATON, Fla., July 22, 2021 (GLOBE NEWSWIRE) -- AzurRx BioPharma,
Inc. (NASDAQ: AZRX), ( AzurRx or the
Company ), a clinical stage biopharmaceutical company
specializing in the development of targeted, non-systemic therapies
for gastrointestinal (GI) diseases, announced today that it
has entered into an underwriting agreement with H.C. Wainwright
& Co., LLC under which the underwriter has agreed to purchase
on a firm commitment basis 5,454,546 shares of common stock of the
Company, at a price to the public of $0.55 per share, less
underwriting discounts and commissions. The closing of the offering
is expected to occur on or about July 27, 2021, subject to
satisfaction of customary closing conditions.
Wainwright & Co. is acting as the sole book-running manager for
Company has granted to the underwriter a 30-day option to purchase
up to an additional 818,181 shares of common stock at the public
offering price, less underwriting discounts and commissions. The
gross proceeds to AzurRx, before deducting underwriting discounts
and commissions and offering expenses and assuming no exercise of
the underwriter's option to purchase additional common stock,
are expected to be approximately $3.0 million. The Company intends
to use the net proceeds from this offering for milestone payments
due under our license agreements and for other general corporate
purposes, which may include product manufacturing, clinical
development, acquisitions or investments in complementary
businesses, products or technologies, and/or increases in working
shares of common stock are being offered by the Company pursuant to
a shelf registration statement on Form S-3 (File No.
333-256476) previously filed with the Securities and Exchange
Commission (the SEC ) on May 26, 2021, and declared
effective by the SEC on June 2, 2021. The offering of the shares of
common stock is made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A preliminary prospectus supplement and accompanying
prospectus relating to, and describing the terms of, the offering
will be filed with the SEC and will be available on the SEC's
website at http://www.sec.gov. Electronic copies of the preliminary
prospectus supplement and accompanying prospectus may also be
obtained, when available, by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone
at (212) 856-5711or e-mail at placements@hcwco.com.
press release shall not constitute an offer to sell or a
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 AzurRx BioPharma, Inc.
BioPharma, Inc. (NASDAQ: AZRX) is a clinical stage
biopharmaceutical company specializing in the development
of targeted, non-systemic therapies for gastrointestinal (GI)
diseases. The Company has a pipeline of three gut-restricted GI
assets. The lead therapeutic candidate is MS1819, a
recombinant lipase for the treatment of exocrine pancreatic
insufficiency (EPI) in patients with cystic fibrosis and chronic
pancreatitis, currently in two Phase 2 clinical trials.
AzurRx is launching two clinical programs in 2021 using
proprietary formulations of niclosamide, a pro-inflammatory pathway
inhibitor, FW-1022 for COVID-19 gastrointestinal infections,
and FW-420 for grade 1 Immune Checkpoint Inhibitor-Associated
Colitis and diarrhea in oncology patients. The Company is
headquartered in Boca Raton, Florida with clinical operations in
Hayward, California. For more information, visit www.azurrx.com.
Forward-Looking Statements
This press release may contain certain statements relating to
future results which are forward-looking statements. These
statements are not historical facts, but instead represent only the
Company's belief regarding future events, many of which, by
their nature, are inherently uncertain and outside of the
Company's control. These forward-looking statements are
subject to risks and uncertainties including, among other things,
the completion of the public offering, the satisfaction of
customary closing conditions related to the public offering and the
intended use of proceeds from the public offering. It is possible
that the Company's actual results and financial condition may
differ, possibly materially, from the anticipated results and
financial condition indicated in these forward-looking statements,
depending on factors including risks and uncertainties related to
market conditions; whether results obtained in preclinical and
nonclinical studies and clinical trials will be indicative of
results obtained in future clinical trials; whether preliminary or
interim results from a clinical trial will be indicative of the
final results of the trial; the size of the potential markets for
the Company's drug candidates and its ability to service
those markets; and the Company's current and future capital
requirements and its ability to raise additional funds to satisfy
its capital needs. Additional information concerning the Company
and its business, including a discussion of factors that could
materially affect the Company's financial results, including
those related to the clinical development of its clinical assets,
the results of its clinical trials, and the impact of the
coronavirus (COVID-19) pandemic on the Company's operations
and current and planned clinical trials, including, but not limited
to delays in clinical trial recruitment and participation, are
contained in the Company's Annual Report on Form 10-K for the
year ended December 31, 2020 under the heading Risk
Factors, as well as the Company's subsequent
filings with the Securities and Exchange Commission. All
forward-looking statements included in this press release are made