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.
AzurRx will trade as $AZRX.
One of the big IPOs on the radar for the 4th quarter is CRISPR Therapeutics, which will attempt to follow successful outings by rivals Editas and Intellia, which are also attempting to pioneer gene editing tech in the clinic.