Azitra Inc., a biopharmaceutical company that’s developing treatments for skin diseases, filed for an initial public offering on Tuesday with ThinkEquity acting as sole underwriter on the deal. The Branford, Connecticut-based company will use the proceeds of the deal to fund clinical trials and product development, including $2.5 million that’s earmarked for the ATR-12 Netherton syndrome program, which will provide funding for dosing in a proposed Phase 1b trial. Netherton is a rare disorder that causes severe inflammation, scaling, red and dehydrated skin, for which there is currently no FDA-approved treatment option. The company, like many early-stage biotechs, is loss-making. “We are an early-stage clinical biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and live biotherapeutic products that can be applied topically to treat diseases of the skin,” it says in its filing documents. The Renaissance IPO ETF IPO has fallen 34% in the last 12 months, while the S&P 500 SPX has fallen 6%.

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