Attached files
file | filename |
---|---|
EX-10 - FORM OF PURCHASE AGREEMENT - AzurRx BioPharma, Inc. | ex10-1.htm |
EX-5 - OPINION OF LOWENSTEIN SANDLER LLP - AzurRx BioPharma, Inc. | ex5-1.htm |
EX-4.3 - FORM OF WAINWRIGHT WARRANT - AzurRx BioPharma, Inc. | ex4-3.htm |
EX-4.2 - FORM OF WARRANT - AzurRx BioPharma, Inc. | ex4-2.htm |
EX-4 - FORM OF PRE-FUNDED WARRANT - AzurRx BioPharma, Inc. | ex4-1.htm |
8-K - CURRENT REPORT - AzurRx BioPharma, Inc. | azrx8k_mar72021.htm |
Exhibit 99.1
AzurRx BioPharma Announces $10 Million Registered Direct Offering
Priced At-the-Market Under Nasdaq Rules
Delray Beach, FL – March 8, 2021 -- AzurRx BioPharma,
Inc. (NASDAQ: AZRX), (“AzurRx” or the
“Company”), a clinical stage biopharmaceutical company
specializing in the development of targeted, non-systemic therapies
for gastrointestinal (GI) diseases, today announced that it
has entered into a definitive agreement with a single
healthcare-focused institutional investor for the issuance and sale
of an aggregate of 7,858,548 shares of common stock (or common
stock equivalent in lieu thereof) and warrants to purchase up to an
aggregate of 3,929,274 shares of common stock at an effective
purchase price of $1.2725 per share and accompanying warrant in a
registered direct offering priced at-the-market under Nasdaq rules.
The warrants have an exercise price of $1.21 per share, are
exercisable immediately, and will expire five years following the
date of issuance. The closing of the offering is expected to occur
on or about March 10, 2021, subject to the satisfaction of
customary closing conditions.
H.C.
Wainwright & Co. is acting as the exclusive placement agent for
the offering.
The
gross proceeds from the offering are expected to be $10 million.
AzurRx intends to use the net proceeds received from the offering
to initiate its two niclosamide clinical programs in the first half
of 2021, a Phase 2 clinical trial for COVID-19 GI infections and a
Phase 1b/2a trial for immune checkpoint inhibitor induced colitis,
respectively, and for other general corporate
purposes.
The
securities described above are being offered and sold by the
Company in a registered direct offering pursuant to a
“shelf” registration statement on Form S-3 (File
No. 333-231954) including a base prospectus, previously filed
with and declared effective by the Securities and Exchange
Commission (the “SEC”) on June 25, 2019. The offering
of the securities is being made only by means of a prospectus
supplement that forms a part of the registration statement. A final
prospectus supplement and base prospectus relating to the
registered direct offering will be filed with the SEC and will be
available on the SEC's website located at http://www.sec.gov.
Electronic copies of the prospectus supplement and the accompanying
base prospectus may also be obtained, when available, by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at 646-975-6996 or e-mail at
placements@hcwco.com.
This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About AzurRx BioPharma, Inc.
AzurRx
BioPharma, Inc. (NASDAQ: AZRX) is a clinical stage
biopharmaceutical company specializing in the development
of targeted, non-systemic therapies for gastrointestinal (GI)
diseases. The Company has a pipeline of three gut-restricted GI
assets. The lead therapeutic candidate is MS1819, a
recombinant lipase for the treatment of exocrine pancreatic
insufficiency (EPI) in patients with cystic fibrosis and chronic
pancreatitis, currently in two Phase 2 clinical trials.
AzurRx is launching two clinical programs in 2021 using
proprietary formulations of niclosamide, a pro-inflammatory pathway
inhibitor, FW-420, for grade 1 Immune Checkpoint Inhibitor
Colitis and diarrhea in oncology patients and FW-1022, for
COVID-19 gastrointestinal infections. The Company is headquartered
in Delray Beach, Florida with clinical operations in Hayward,
California. For more information,
visit www.azurrx.com.
Forward-Looking Statements
This press release may contain certain statements relating to
future results which are forward-looking statements. These
statements are not historical facts, but instead represent only the
Company’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside of the
Company’s control. These forward-looking statements are
subject to risks and uncertainties including, among other things,
the completion of the registered direct offering, the satisfaction
of customary closing conditions related to the registered direct
offering and the intended use of proceeds from the registered
direct offering. It is possible that the Company’s actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements, including whether results
obtained in preclinical and nonclinical studies and clinical trials
will be indicative of results obtained in future clinical trials;
whether preliminary or interim results from a clinical trial such
as the interim results presented will be indicative of the final
results of the trial. Additional information concerning the Company
and its business, including a discussion of factors that could
materially affect the Company’s financial results, including
those related to the clinical development of its clinical assets,
the results of its clinical trials, and the impact of the
coronavirus (COVID-19) pandemic on the Company’s operations
and current and planned clinical trials, including, but not limited
to delays in clinical trial recruitment and participation are
contained in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019 under the heading “Risk
Factors,” as well as the Company’s subsequent
filings with the Securities and Exchange Commission. All
forward-looking statements included in this press release are made
only as of the date of this press release, and we do not undertake
any obligation to publicly update or correct any forward-looking
statements to reflect events or circumstances that subsequently
occur or of which we hereafter become aware.
For more information:
AzurRx
BioPharma, Inc.
1615
South Congress Avenue
Suite
103
Delray
Beach, Florida 33445
Phone:
(646) 699-7855
info@azurrx.com
Media contact:
Tiberend Strategic Advisors, Inc.
Johanna
Bennett/Ingrid Mezo
(212)
375-2665/(646) 604-5150
jbennett@tiberend.com/imezo@tiberend.com