Andrey Tolkachev
Dermatology drug developer Azitra (NYSE:AZTR) has set terms for a proposed $12M initial public offering.
Azitra said in a filing that it was now looking to offer 2.4M shares priced at $5 per share, a figure that could likely change. Underwriters would be granted a 45-day option to buy up to 360K additional shares to cover over-allotments.
Last month, the biotech company indicated in an S-1 filing that it was seeking to raise around $17M.
Azitra intends to list its shares on NYSE under the symbol AZTR. Think Equity is serving as lead underwriter.
Based in Connecticut, Azitra is a developer of 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 a rare disease called Netherton Syndrome. The product is in Phase I testing.
Earlier Monday, neurostimulation device maker Cortigent (CRGT) filed for a $17M IPO. The company is developing devices to help restore vision in profoundly blind people and movement in the arms and hands of stroke patients.
Biotech IPOs have done fairly well so far this year. Mineralys Therapeutics (MLYS) raised $192M in January, followed by a $161M IPO by Structure Therapeutics (GPCR) in early February.
For more on Azitra, check out Donovan Jones's "Azitra Starts $17M US IPO Effort."