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AZRX: AzurRx Raises Capital After Confirming Results

05/02/2018
By John Vandermosten, CFA

NASDAQ:AZRX

AzurRx BioPharma, Inc. (NASDAQ:AZRX) provided an update regarding its Phase 2a trial for MS1819 for treatment of chronic pancreatic insufficiency (EPI) The April 23rd release identified consistent progress in the Phase 2a trial for MS1819 with respect to patient enrollment, safety and dose response. The trial is targeting 12 – 15 patients and is enrolling in France, Australia and New Zealand. Current screening and enrollment trends are on track for a 1H:18 study completion.

Over the course of the trial, the company has consistently announced a favorable safety profile and a dose response of over 20%. Maximum dose response was observed at 57%, which was inversely correlated with level of baseline CFA.

Coefficient of fat absorption (CFA) updates
     ‣ 2Q:18 – Dose response > 20%; 3 patients
     ‣ September 2018 – Dose response > 21%; 6 patients
     ‣ April 2018 – Dose response > 21%; 9 patients

This compares to the dose response of just over 16% that was achieved in the Phase 1/2a FLIP110 study.

In conjunction with the trial update, AzurRx announced a public offering of stock that has been priced to raise $10.4 million gross. The offering will sell 4.16 million shares at $2.50 per share and is expected to close on May 3rd.

As of the end of 2017, the company held $570 thousand in cash, and raised an additional $2.2 million from option exercises. We estimate that cash burn is approximately $1 million per month, and with the additional funds, we anticipate sufficient funds to complete the existing trial and promulgate results.

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