Azitra Raises $7.5 Million in IPO to Advance Pipeline of Engineered Microbes for Skin Diseases
June 16, 2023
Rare Daily Staff
Azitra, the first rare disease focused biotech to complete an initial public offering in 2023, raised $7.5 million by selling 1.5 million shares of common stock at a public offering price of $5.00 per share.
Shares of Azitra are expected to begin trading on the NYSE American under the ticker symbol “AZTR”. The company also granted the underwriters a 45-day option to purchase up to an additional 225,000 shares of common stock at the public offering price less discounts, to cover over-allotments.
Azitra is an early-stage company focused on developing therapies for precision dermatology using engineered proteins and topical live biotherapeutic products that has built a proprietary platform that includes a microbial library comprised of approximately 1,500 unique bacterial strains. The platform is augmented by an artificial intelligence and machine learning technology to engineered protein and live biotherapeutic products that can be applied topically to treat diseases of the skin.
The company’s initial focus is on the development of genetically engineered strains of Staphylococcus epidermidis, an optimal therapeutic candidate species for engineering of dermatologic therapies, according to Azitra. Lead candidate ATR-12 is a genetically modified strain of S. epidermidis being developed for Netherton syndrome, a disorder that affects the skin, hair and immune system that makes the skin red and scaly and prone to leak fluid. ATR-12 is expected to enter a phase 1b trial in the in the first half of 2023. The company also has a joint development agreement with Bayer to investigate and develop two strains of bacterial microbes for consumer/cosmetic products.
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