Acurx Pharmaceuticals Secures $2.5 Million Offering to Boost Growth

Acurx Pharmaceuticals Secures $2.5 Million Offering

Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) is a pioneering biopharmaceutical company committed to creating a new class of antibiotics specifically designed for challenging bacterial infections. Recently, the company announced a noteworthy agreement involving the purchase and sale of approximately 2,463,058 shares of its common stock. Each share will be sold at $1.015, a direct offering priced at-the-market, as per Nasdaq regulations. Additionally, Acurx is engaging in a private placement, offering unregistered warrants to acquire an equivalent number of common shares at an exercise price of $0.90, valid for five years after issuance.

Details of the Offering

The company anticipates the closing of this offering around early January, following the fulfillment of customary conditions. H.C. Wainwright & Co. has taken on the role of exclusive placement agent for this initiative, emphasizing the strategic nature of this transaction.

With anticipated gross proceeds of about $2.5 million, Acurx plans to allocate these funds towards working capital and various general corporate purposes. This approach aligns with the company’s overarching goals, focusing on expanding its operations and enhancing its research and development efforts.

Understanding the Registered Direct Offering

The offering of the common shares is conducted under a previously secured “shelf” registration statement outlined in Form S-3, submitted to the Securities and Exchange Commission (SEC). Acurx has chosen to follow stringent regulatory protocols, ensuring that the offering adheres to effective compliance measures. Importantly, the warrants that accompany this offering will not be registered under the Securities Act, reflecting the nuances of private placements.

Investor Information

Prospective investors can reach out for more details regarding the offered shares and the associated prospectus supplement. Acurx encourages interested parties to explore the available documentation filed with the SEC for thorough insights.

About Acurx Pharmaceuticals

Acurx Pharmaceuticals is renowned for its innovative approach in tackling difficult-to-treat bacterial infections. The company's novel antibiotic candidates are designed to specifically target Gram-positive bacteria. Their lead product candidate, ibezapolstat, is on the verge of entering Phase 3 clinical trials for treating C. difficile infections. Acurx also has a promising preclinical pipeline, focusing on antibiotic therapies for a variety of resistant bacterial pathogens.

Future Prospects

The company remains optimistic about its ongoing drug development efforts and the expanding potential for its antibiotic candidates. Acurx is diligently preparing for international clinical trials, gearing up to place itself at the forefront of antibiotic innovation. With impressive advancements in its R&D pipeline, the future looks promising for Acurx Pharmaceuticals.

Frequently Asked Questions

What is the primary purpose of the $2.5 million offering?

The primary purpose of the offering is to generate funds for working capital and other general corporate purposes to support Acurx’s growth and development initiatives.

Who is handling the placement of the shares?

H.C. Wainwright & Co. is acting as the exclusive placement agent for this offering, ensuring a strategic and compliant transaction process.

What are the exercise terms for the warrants issued?

The warrants issued will have an exercise price of $0.90 per share and will be exercisable upon issuance, expiring five years from the issuance date.

What is the significance of the registered direct offering?

The registered direct offering allows the company to comply with SEC regulations while providing them with necessary funding through the sale of common stock.

What can we expect from Acurx Pharmaceuticals in the future?

Acurx is poised for growth as it advances its antibiotic candidates through clinical trials, with plans for international trials and continued development of its drug pipeline.

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