AzurRx BioPharma, Inc. (AZRX) stock prices were down 19.66% as of the market closing on July 23rd, 2021, bringing the price per share down to USD$0.5690. Subsequent premarket fluctuations saw the stock rally by 12.48%, bringing it up to USD$0.64.
AZRX Upsizes Offering
July 22nd, 2021 saw AZRX stock announce the increasing of the size of its previously announced public offering because of unexpected demand. The underwriter has agreed to purchase on a firm commitment basis 9,090,910 shares of common stock of the company. The price was the same as the public offering, with each share being priced at USD$0.55. The closing of the transaction is expected for July 27th, 2021.
Details of the Offering
the offering comes equipped with a 30-day option to purchase up to an additional 1,363,636 shares of common stock at the same public offering price. AZRX stock expects generating USD$5 million in gross proceeds before the deduction of expenses related to the offering and the execution of the option to purchase additional shares. The capital raised is expected to be used to pay milestone payments as per existing license agreements.
AZRX Stock Hits RESERVOIR Milestone
Earlier on June 7th, 2021, AZRX stock announced the administration of the first dose of FW-1022 to a volunteer in its ongoing Phase 2 RESERVOIR clinical trial. The proprietary treatment comes in tablet form and is designed to treat Covid-19-related GI infections. The company forecasts topline results from the trial for the first quarter of 2022. This development marks a significant milestone for the company and the development of niclosamide.
Scope of FW-1022
With no existing approved treatments for GI infections stemming from Covid-19, the success of AZRX’s development program could help prevent reinfection and, therefore, the spread of Covid-19. FW-1022 also has the potential to treat severe complications that are believed to results from SARS-CoV-2’s ability to hide in reservoirs within the GI tract. The company is confident that its micronized oral niclosamide therapy can target the virus directly in the gut. This will play a critical role in the treatment of Covid-19 patients that suffer from the damage caused by Covid-19-related GI infection.
Future Outlook for AZRX
With the world hurtling towards universal immunizations, AZRX stock is poised to capitalize on the burgeoning market. Keen to continue its trajectory of success, the company plans to regain momentum with its added capital and reverse the recent downward trend. Investors are confident in management’s ability to produce significant and sustained increases in shareholder value.
