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Azera (New York Stock Exchange: AZTRShares traded lower on Friday afternoon after an $8 million initial public offering that was priced in the middle of the previously issued range.
Shares of the skin drug developer opened at $4.26 shortly before 1:00 PM ET. Shares have been sold recently At $4.69, down 6%, around 1:30 PM ET.
Azitra offered 1.5 million shares at $5 per share, raising nearly $8 million. The underwriters were given a 45-day option to purchase up to 225,000 more shares to cover any further allotments. Think Equity is the principal book manager.
Earlier this month, Azitra said in a statement that it was looking to offer 1.5 million shares at a price of between $4.50 and $5.50. In May, it said it was considering offering 2.4 million shares priced in the same range, which would have raised $12 million if priced midstream.
Based in Connecticut, Azitra is a developer of bioengineered therapies to treat skin diseases and disorders. The company’s flagship product is a genetically modified bacterium called ATR-12 to treat a rare disease called Netherton syndrome. The product is in the first stage of testing.
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