NetworkNewsBreaks – AzurRx BioPharma Inc. (NASDA
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Posted On: 01/04/2021 4:06:06 PM
NetworkNewsBreaks – AzurRx BioPharma Inc. (NASDAQ: AZRX) Announces Worldwide License Agreement with First Wave Bio, $8M Offerings
AzurRx BioPharma (NASDAQ: AZRX), a company specializing in the development of non-systemic, recombinant therapies for gastrointestinal (“GI”) diseases, today announced its entry into an exclusive worldwide licensing agreement with First Wave Bio Inc. for the use of its patented and proprietary oral and rectal formulations of niclosamide for the treatment of immune checkpoint inhibitor-associated colitis (“ICI-AC”) and COVID-19 GI infections. “The acquisition of rights to niclosamide for these indications gives us an opportunity to strategically expand our existing pipeline and pursue multiple GI indications in the oncology and infectious disease arenas,” said James Sapirstein, president and CEO of AzurRx. “We are impressed with First Wave’s Phase 1b/2a clinical data, strong IP and patent position, and the significant unmet medical needs and market opportunities addressed by these two assets. We believe these niclosamide formulations could offer significant advantages over other currently available treatments. They are not systemically absorbed, potentially allowing for higher local GI concentrations of drug delivery and avoiding steroid-related immunosuppressant complications.”
In addition, the company announced that, in conjunction with its exclusive agreement with First Wave, it has entered into a securities purchase agreement with a single health care-focused institutional investor, under which the company agreed to sell approximately $8.0 million of Series C 9.00% Convertible Junior Preferred Stock in a registered direct offering and concurrent private placement. The company will also issue to the investor unregistered warrants to purchase up to an aggregate of 10,666,668 shares of common stock. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
AzurRx BioPharma (NASDAQ: AZRX), a company specializing in the development of non-systemic, recombinant therapies for gastrointestinal (“GI”) diseases, today announced its entry into an exclusive worldwide licensing agreement with First Wave Bio Inc. for the use of its patented and proprietary oral and rectal formulations of niclosamide for the treatment of immune checkpoint inhibitor-associated colitis (“ICI-AC”) and COVID-19 GI infections. “The acquisition of rights to niclosamide for these indications gives us an opportunity to strategically expand our existing pipeline and pursue multiple GI indications in the oncology and infectious disease arenas,” said James Sapirstein, president and CEO of AzurRx. “We are impressed with First Wave’s Phase 1b/2a clinical data, strong IP and patent position, and the significant unmet medical needs and market opportunities addressed by these two assets. We believe these niclosamide formulations could offer significant advantages over other currently available treatments. They are not systemically absorbed, potentially allowing for higher local GI concentrations of drug delivery and avoiding steroid-related immunosuppressant complications.”
In addition, the company announced that, in conjunction with its exclusive agreement with First Wave, it has entered into a securities purchase agreement with a single health care-focused institutional investor, under which the company agreed to sell approximately $8.0 million of Series C 9.00% Convertible Junior Preferred Stock in a registered direct offering and concurrent private placement. The company will also issue to the investor unregistered warrants to purchase up to an aggregate of 10,666,668 shares of common stock. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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