Azitra Inc., a Branford-based biopharmaceutical company focused on treating skin ailments, went public on Friday, with its stock initially trading at $5 per share.
The company’s stock is listed under the ticker symbol, “AZTR.”
Azitra, based at 21 Business Park Drive in Branford, is working to harness the good bacteria that naturally lives on the skin for drugs and other consumer products.
The company’s initial public offering is for 1,500,000 shares of common stock. At the price of $5 per share, Azitra anticipates gross proceeds of $7.5 million, prior to deductions for underwriting discounts and expenses.
Shares began trading on the New York Stock Exchange on June 16, with the offering expected to close June 21.
As of Tuesday morning at 10 a.m., the company’s shares were trading at $5.05 per share.
Azitra indicated it plans to use the IPO net proceeds for clinical trials, product development, research and development, clinical manufacturing, working capital and general corporate expenses.
Azitra launched in 2014, when it was founded by two Yale graduate students, Dr. Azim Munivar and Travis Whitfill. The latter is currently the company’s chief operating officer.
Azitra has multiple potential treatments in the pipeline. Its “ATR-12” aims to treat the rare Netherton Syndrome, which causes severe inflammation, scaling, red and dehydrated skin and currently has no cure. It can range in severity from mild to life-threatening, according to the company.
The company has also been developing “ATR-04,” an ointment aimed at alleviating rashes that can occur when a patient is undergoing cancer treatments.
“ATR-01” is being developed to treat ichthyosis vulgaris, a chronic, scaly skin disease impacting some 1.3 million people in the U.S.
In 2019, Azitra entered into a joint development agreement with German pharmaceutical giant Bayer to develop consumer health products such as skin creams and lotions.
