Azur­Rx clips its IPO price, but man­ages to get the job done

These days, com­plet­ing a biotech IPO of­ten means set­tling for less. And Azur­Rx Bio­Phar­ma is low­er­ing its sights to a mi­cro of­fer­ing worth about $5 mil­lion.

The Brook­lyn, NY-based biotech shrugged off its ear­li­er range of $6 to $8 a share, set­tling for $5.50 on a lit­tle less than a mil­lion shares. The biotech plans to use the cash to back its work on non-sys­temic GI drugs.

Biotech IPOs have had a rocky ex­pe­ri­ence this year, the nat­ur­al re­sult of the end of the gang­buster re­cep­tion that greet­ed these of­fer­ings for the pre­vi­ous three years. But, one way or an­oth­er, sev­er­al are get­ting done.

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