On Monday, shares of AzurRx BioPharma Inc. (AZRX) rose 11.30% at $0.65 in the premarket session. The price of AZRX stock increased 0.09% to end the last trading session at $0.59. AZRX stock recorded a trading volume of 0.67 million shares, which is below the 1.46 million shares average daily trading volume published for the last 50 days. Within the last five days, AZRX stock has gained 7.72%; however, in the last month, it has lost -22.35%. This year, AZRX stock has declined by -28.55 percent over the last three months and shed -39.61 percent so far this year. Since the recent completion of a common share offering, AZRX stock has surged.
What AZRX has offered?
In the field of biopharmaceuticals, AzurRx BioPharma specialises in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. AZAX is developing three GI assets with gut-restricted access. MS1819 is AZRX’s lead therapeutic candidate for exocrine pancreatic insufficiency (EPI) in patients with cystic fibrosis and chronic pancreatitis. AZRX is currently undergoing Phase 2 clinical trials. AZRX will launch two clinical programs in 2021 using proprietary formulations of niclosamide, a pro-inflammatory pathway inhibitor, FW-1022 for COVID-19 gastrointestinal infections, and FW-420 for immunotherapy-related diarrhea and colitis among patients with cancer. Clinical operations of AZRX are located in Hayward, California, with headquarters in Boca Raton, Florida.
In anticipation of its previously announced underwritten public offering of 10,454,546 shares of common stock, AzurRx recently completed the offering.
- At a price to the public of $0.55 per share, the underwriter exercised its option to purchase the remaining 1,363,636 shares of common stock in the AZRX offering in full.
- For the AZRX offering, H.C. Wainwright & Co. served as the sole bookrunner.
- In addition to the exercise of the underwriter’s option to purchase 1,363,636 additional shares of common stock, the gross proceeds to AZRX are approximately $5.75 million, net of underwriting discounts and commissions, and other offering expenses.
- This offering will be used by AZRX to pay milestone payments under our license agreements and for other general corporate purposes, such as manufacturing products, clinical research, and acquisitions of complementary businesses, products or technologies, and/or working capital increases.
How did AZRX offer the stock?
AzurRx (AZRX) offered the shares of common stock through a shelf registration statement on Form S-3 previously filed with the Securities & Exchange Commission (the SEC) on May 26, 2021. On June 2, 2021, AZRX put that filing into effect as directed by the SEC.
