AzurRx BioPharma (NASDAQ: AZRX), a clinical-stage biopharmaceutical company, in July entered into a convertible preferred stock and warrant securities purchase agreement with certain accredited and institutional investors relating to the private placement of certain shares of convertible preferred stock and warrants for cash and in exchange for certain outstanding promissory notes as described in a recent update. In addition, the company entered into an exchange addendum to the purchase agreement with certain investors, relating to the exchange, as consideration in the private placement, of approximately $6.9 million aggregate in principal amount, plus all accrued and unpaid interest thereon, of its outstanding senior convertible promissory notes, originally due in Sept. 2020 (the “exchange”). “We are excited to have attracted the support of both new and existing investors for this financing, which funds our two Phase 2 clinical trials and Phase 3 preparations. In addition, the promissory note exchange furthers strengthens our balance sheet by removing $6.9 million in near-term debt obligations,” AzurRx CEO James Sapirstein said in the news release. “We thank the team at Alexander Capital for their continued support of the company and their dedication to making these transactions a success.”
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About AzurRx BioPharma Inc.
AzurRx BioPharma is a biopharmaceutical company specializing in the research and development of nonsystemic biologics for gastrointestinal disorders. The company is focused on the development of its lead drug candidate, MS1819. AzurRx is currently conducting two Phase 2 clinical trials of MS1819: the OPTION 2 monotherapy trial, and the Combination therapy trial, consisting of MS1819 in conjunction with porcine-derived pancreatic enzyme replacement therapy, the current standard of care. The company is headquartered in New York, NY, with scientific operations based in Langlade, France, and clinical operations in Hayward, California. For more information about the company, visit www.AzurRx.com.
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