Azitra downsizes proposed IPO to $8M from $12M
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Dermatology drug developer Azitra (NYSE:AZTR) has downsized its proposed initial public offering to $8M from $12M.
The biotech company said in a filing that it is now looking to offer 1.5M shares priced between $4.50 and $5.50, which would raise nearly $8M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 360K shares.
Azitra hopes to list its shares on NYSE under the symbol AZTR. Think Equity is serving as lead bookrunner.
Based in Connecticut, Azitra is focused on developing bioengineered therapies for the treatment of dermatological diseases and disorders. The company's lead product is a genetically modified bacteria called ATR-12 for the treatment of the rare disease Netherton Syndrome.
Azitra originally filed for the IPO in February, seeking $17M. In March, the company adjusted the proposed terms to 2.4M shares priced at $5, which would have raised around $12M.
More on Azitra:
Dermatology drug developer Azitra set terms for proposed $12M IPO
Dermatology drug developer Azitra files for proposed $17M IPO