Full Press Release Details
AzurRx BioPharma Announces Closing of $6.9 Million Private
NEW YORK, Jan. 13, 2020 (GLOBE NEWSWIRE) -- AzurRx BioPharma, Inc.
(NASDAQ:AZRX) ( AzurRx or the Company ),
a company specializing in the development of non-systemic,
recombinant therapies for gastrointestinal diseases,
today announced the closing of a private placement financing (the
Offering ) resulting in gross proceeds of
approximately $6.9 million from certain accredited investors.
Alexander Capital, LP acted as sole placement agent in the
Offering. Net proceeds from the Offering will be used to eliminate
short- and long-term indebtedness, and for general working capital
purposes, including product development.
James Sapirstein, the President and CEO of AzurRx, said We
are very grateful for the continued support of our investors. This
financing allows us to achieve our short-term goals and continue the development of our MS1819
program for the treatment of exocrine pancreatic insufficiency in
cystic fibrosis and chronic pancreatitis
The Offering consisted of Senior Convertible Promissory Notes (the
Notes ) and warrants (the Warrants ) to
purchase shares of the Company's common stock (the
Common Stock ). The Notes mature on September 30,
2020, accrue interest at a rate of 9% per annum, and are
convertible into Common Stock at $0.97 per share (the
Conversion Shares ). Warrants were issued to the
investors in an amount equal to 50% of the number of Conversion
Shares. The Warrants have an exercise price of $1.07 per share and
expire three years from the date of issuance.
In aggregate, the Company issued $6,904,000 principal amount of
Notes convertible into 7,117,559 Conversion Shares and Warrants to
purchase up to 3,558,795 shares of Common Stock to the investors in
For more detailed information on the Offering, please see the
Company's Current Report of Form 8-K to be filed with the
Securities and Exchange Commission (SEC) on or about the date
The securities sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States
absent registration with the Securities and Exchange Commission
(SEC) or an applicable exemption from such registration
requirements. AzurRx has agreed to file one or more registration
statements with the SEC registering the resale of the Conversion
Shares issuable upon conversion of the Notes and the shares of
Common Stock issuable upon exercise of the Warrants purchased in
This press release shall not constitute an offer to sell or the
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
About AzurRx BioPharma, Inc.
AzurRx BioPharma, Inc. (NASDAQ:AZRX) is engaged in the research and
development of non-systemic biologics for the treatment of patients
with gastrointestinal disorders. MS1819-SD recombinant lipase for
EPI is the Company's lead development program, and additional early
stage research is being conducted for the prevention of
hospital-acquired infections. The Company is headquartered in
Brooklyn, NY, with scientific operations based in Langlade,
France. Additional information on the Company can be found
Forward-Looking Statements:
This press release contains forward-looking statements within the
meaning of the Private Securities Litigations Reform Act of 1995.
Such statements include, but are not limited to, any statements
relating to our product development programs and any other
statements that are not historical facts. Such statements involve
risks and uncertainties that could negatively affect our business,
operating results, financial condition and stock price. Factors
that could cause actual results to differ materially from
management's current expectations include those risks and
uncertainties relating to the development and testing of our drug
candidates, the regulatory approval process, our ability to secure
additional financing, the protection of our patent and intellectual
property, the success of strategic agreements and relationships,
the potential commercialization of any product we may successfully
develop as well as other risk factors included in the Company's
most recent quarterly report on Form 10-Q and other filings with
the Securities and Exchange Commission. These forward-looking
statements are made as of the date of this press release and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Except as
required by law, the Company undertakes no duty or obligation to
update any forward-looking statements contained in this release as
a result of new information, future events or changes in its
For more information:
AzurRx BioPharma, Inc.
760 Parkside Avenue, Suite 304
Phone: (646)-699-7855
Investor Relations contact:
LifeSci Advisors, LLC.
Hans Vitzthum, Managing Director
1 International Place, Suite 1480