Acurx Pharmaceuticals Secures $1.1 Million in Direct Offering
Acurx Pharmaceuticals Secures Important Funding
Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) has successfully closed a registered direct offering, raising an impressive $1.1 million. This biopharmaceutical company specializes in developing innovative antibiotics aimed at combating tough bacterial infections that are often resistant to existing treatments.
Details of the Offering
The company offered 2,745,000 shares of its common stock at a purchase price of $0.40 per share. Alongside this offering, Acurx engaged in a private placement that provided short-term warrants for an additional 8,235,000 shares. These warrants come with an exercise price of $0.40 and will be available for exercise following stockholder approval.
Role of H.C. Wainwright & Co.
H.C. Wainwright & Co. served as the placement agent for this financial transaction, ensuring that the offering met its goals efficiently. The gross proceeds from the offering will be allocated towards working capital and various corporate initiatives that support the company's growth strategies.
Use of Proceeds from the Offering
Acurx Pharmaceuticals intends to utilize the net proceeds from the offering to support ongoing research and development, as well as other general corporate purposes. This funding will play a crucial role in advancing Acurx's robust pipeline of antibiotic candidates.
Company's Innovative Approach to Antibiotics
Acurx is making strides in the fight against gram-positive bacterial infections, developing novel antibiotics specifically designed to tackle hard-to-treat strains. Their lead candidate, ibezapolstat, is poised to enter Phase 3 clinical trials targeting Clostridioides difficile infections. Acurx’s candidates are focused on critical pathogens, including methicillin-resistant Staphylococcus aureus (MRSA) and drug-resistant Streptococcus pneumoniae, all while adhering to stringent regulatory requirements.
Research and Development Commitments
The company is dedicated to the development of antibiotics with a unique mechanism of action, aimed at mitigating the increasing issue of antibiotic resistance. Acurx has a preclinical pipeline that includes an oral product candidate for treating acute bacterial skin and skin structure infections, with parallel development for inhaled anthrax treatment.
About Acurx Pharmaceuticals, Inc.
Acurx Pharmaceuticals operates in the late-stage biopharmaceutical market, focusing on the development of groundbreaking small-molecule antibiotics. Their unique Gram-positive selective spectrum (GPSS) technology inhibits critical bacterial enzymes to prevent the replication of harmful bacteria. This innovative approach exemplifies Acurx's commitment to addressing significant unmet medical needs.
Frequently Asked Questions
What is the purpose of Acurx's registered direct offering?
The offering aims to raise funds for working capital and support Acurx's ongoing research in antibiotic development.
What does Acurx Pharmaceuticals specialize in?
Acurx focuses on creating new antibiotics targeted at difficult-to-treat bacterial infections, specifically resistant strains.
Who acted as the placement agent for this offering?
H.C. Wainwright & Co. was the exclusive placement agent for the registered direct offering.
What is ibezapolstat?
Ibexapolstat is Acurx's lead product candidate for treating Clostridioides difficile infections and is entering Phase 3 trials.
How can interested parties obtain information regarding Acurx's offerings?
Prospectus details are available through the SEC's website and can be obtained by directly contacting Acurx Pharmaceuticals.
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