Full Press Release Details
AzurRx BioPharma, Inc. Announces Equity Purchase
for up to $15 Million with Lincoln Park Capital Fund,
NEW YORK, November 14, 2019 (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 that it has entered into a $15 million
common stock purchase and registration rights agreement with
Lincoln Park Capital Fund, LLC ( Lincoln Park ), a
Chicago-based institutional investor and a long standing investor
in AzurRx BioPharma, Inc.
the purchase agreement, AzurRx will have the right to sell up to
$15 million of its stock to Lincoln Park over a 30-month period,
upon satisfaction of the conditions in the purchase agreement,
including after a registration statement registering the resale of
shares to be sold to Lincoln Park under the purchase agreement is
declared effective by the Securities and Exchange Commission (SEC).
AzurRx, from time to time over a 30 month period, will have the
right, in its sole discretion, to sell up to $15 million of its
stock to Lincoln Park. AzurRx will control the timing and amount of
any sales to Lincoln Park, and Lincoln Park is obligated to make
purchases in accordance with the purchase agreement. Any common
stock that is sold to Lincoln Park will occur at purchase prices
that correlate to the Company's prevailing market prices at
the time of each sale and with no upper limits to the price Lincoln
Park may pay to purchase such common stock.
Sapirstein, President and Chief Executive Officer, commented,
AzurRx is focusing its financing strategy on a low-cost
solution with minimally dilutive terms to provide working capital.
We believe this Lincoln Park agreement will help the Company
execute on its goal of advancing its lead program MS1819-SD for the
treatment of exocrine pancreatic insufficiency in a capital
efficient manner. Importantly, the agreement with Lincoln Park
provides the Company with flexibility to bring in capital in an
opportunistic manner as we move toward our clinical
of the agreement, Lincoln Park has agreed not to cause or engage in
any direct or indirect short selling or hedging of the
Company's common stock. No warrants are being issued in this
transaction, and there are no limitations on the Company's
use of proceeds from sales to Lincoln Park under the purchase
agreement. Furthermore, the purchase agreement does not contain any
rights of first refusal, participation rights, penalties or
liquidated damages provisions in favor of any party. The agreement
may be terminated by AzurRx at any time, in its sole discretion,
without any additional cost or penalty.
description of the purchase agreement and registration rights
agreement is set forth in the Company's Current Report on
Form 8-K, which the Company intends to file with the
offer and sale of the securities by AzurRx in the above transaction
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), and have not been registered or
qualified under any state securities laws, and therefore may not be
offered or sold in the United States absent registration under the
Securities Act or an applicable exemption from such registration
requirements, and registration or qualification and under
applicable state securities or Blue Sky laws or an
applicable exemption from such registration or qualification
requirements. AzurRx has agreed to file a registration statement
with the SEC to register the resale by Lincoln Park of the shares
of common stock to be purchased by Lincoln Park under the purchase
press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
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 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. 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. 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 MS1819-SD and final results of the Phase II
OPTION study, are contained in the Company's Annual Report on
Form 10-K for the year ended December 31, 2018 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 only as of the date of this press release, and we
do not undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which we hereafter become
For more information:
AzurRx BioPharma, Inc.
Phone: (646)-699-7855