AzurRX Biopharma, which is developing non-systemic biologics for gastrointestinal disorders, again lowered the proposed deal size for its upcoming IPO on Wednesday.
The Brooklyn, NY-based company now plans to raise $6.6 million by offering 1.2 million shares at a price of $5.50. The company had previously filed to offer 1.7 million shares at a range of $6 to $8, and before that had originally filed to offer 2.1 million shares at the same price. At $5.50, AzurRX Biopharma will raise -45% less in proceeds than previously anticipated.
AzurRX Biopharma was founded in 2007 and plans to list on the Nasdaq under the symbol AZRX. WallachBeth Capital and Network 1 Financial Securities are the joint bookrunners on the deal. A pricing date has not yet been disclosed.
