Microcaps IPOs continue this week after a brief Q2 slowdown.
This week’s offerings include a fitness AI tech company and a biopharma tech.
AI and tech are expected to fuel more microcap IPOs through the end of Q2.
Getting Under Your Skin
Azitra (AZTR) has an estimated IPO date of May 18 and seeks to raise $12 million at a $65 million market cap. Founded in 2014 and based in the United States, Azitra is an early-stage clinical biopharma developing therapies for dermatology built on a proprietary platform with about 1,500 unique bacterial strains. Artificial intelligence augments the platform to help screen the strains with licensed genetic engineering technology to transform genetically intractable strains.
The company is initially focused on developing genetically engineered strains of S. epidermis for treating Netherton syndrome and expects to commence a Phase 1B clinical trial of ATR-12 in the first half of 2023, with initial results in the first half of 2024. Azitra also has a joint development agreement with Bayer to study and develop two strains for consumer and cosmetic products. Last year, the company had $280,000 in revenue with a net loss of $10.7 million. The sole bookrunner on the deal is ThinkEquity.
Focus on Interactive Fitness
Fitell (FTEL) has an estimated IPO date of May 26 and intends to raise $15 million at a nearly $56 million market cap. Founded in 2007 and based in Australia, the company is an online gym and fitness equipment retailer powered by technology. It has three proprietary brands under its Gym Direct brands, including Muscle Motion, Rapid Motion, and FleetX. Fitell also launched three new business verticals in 2021, including an AI-powered interactive platform. The company booked $6 million in revenue in 2022. Revere Securities and R.F. Lafferty & Co. are joint bookrunners on the deal.
