Azitra, Inc. (AZTR) shares surged 54.52 percent to $0.2719, gaining $0.0958 on Friday, which might be influenced by the company's announcement yesterday about a private placement financing of up to approximately $31.4 million and unveiled new cosmetic-focused research programs.
The stock is currently trading at $0.2719 compared with its previous close of $0.1761. Shares opened at $0.3309 and traded between $0.2850 and $0.3799 during the session on the New York Stock Exchange. Trading volume reached about 379.20 million shares, far above the average volume of about 1.50 million shares.
Azitra said the financing includes initial gross proceeds of about $10.5 million, with the potential for an additional $20.9 million through warrant exercises. The company plans to use the proceeds to fund research, development and working capital, including new protein and peptide programs targeting cosmetic and cosmeceutical markets.
The stock has traded in a 52-week range of $0.10 to $2.6667.
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