Azitra, a Phase 1-ready dermatology biotech developing engineered bacterial therapies, lowered the proposed deal size for its upcoming IPO on Monday.
The Branford, CT-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4.50 to $5.50. The company had previously filed to offer 2.4 million shares at the same range. At the midpoint, Azitra will raise 38% less in proceeds than previously anticipated.
Azitra is focused on developing engineered proteins and live biotherapeutic products that can be applied topically to treat diseases of the skin. The company has a microbial library comprised of approximately 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics. Azitra's initial focus is on the development of genetically engineered strains of Staphylococcus epidermidis. Its pipeline is currently led by ATR-12, a genetically modified strain of S. epidermidis being developed for orphan disease Netherton syndrome that is expected to enter a Phase 1b trial in the 1H23. The company also has a joint development agreement with Bayer to investigate and develop two strains of bacterial microbes for consumer/cosmetic products.
Azitra was founded in 2014 and plans to list on the NYSE American under the symbol AZTR. ThinkEquity is the sole bookrunner on the deal. It is expected to price during the week of June 5, 2023.
