Acurx Pharmaceuticals (NASDAQ: ACXP) Announces $2.5 Million Registered Direct Offering

Acurx Pharmaceuticals, a late-stage biopharmaceutical company specializing in developing innovative antibiotics for challenging bacterial infections, has recently disclosed a significant corporate move. On January 6, 2025, Acurx Pharmaceuticals, Inc. finalized a Securities Purchase Agreement, engaging in a Registered Offering with institutional investors and affiliate investors.

This agreement entailed the issuance and trade of 2,463,058 shares of common stock at an offering price of $1.015 per share, amounting to around $2.5 million in gross proceeds before placement agent fees and related expenses deduction. The purpose behind this offering is to bolster the company’s financial resources for working capital and general corporate endeavors.

The Purchase Agreement established standard clauses covering representations, warranties, and provisions restraining the company from issuing additional common stock during the 30-day post-transaction period. Acurx Pharmaceuticals also committed not to engage in variable rate transactions for a year after the Registered Offering closure.

The Shares were made accessible under a registration statement on Form S-3, filed with the Securities and Exchange Commission on July 1, 2022, underscoring legal compliance in the transaction. Simultaneously, in a private placement scenario, Acurx Pharmaceuticals arranged to issue Series E common warrants to purchase up to 2,463,058 common stock shares, enhancing financial support for future strategic initiatives.

H.C. Wainwright & Co. was enlisted as the exclusive placement agent for this Offering, endorsing a comprehensive arrangement where the Company agreed to disburse compensatory fees and issue specific warrants to the agent. Notably, the Wainwright Warrants are exercises aiming at broadening the agent’s potential participation in forthcoming financing events within a stipulated timeline.

It’s essential to recognize that neither the Wainwright Warrants nor the underlying shares are registered under the Securities Act, signifying reliance on specified exemptions to facilitate the transaction. Acurx Pharmaceuticals intends to finalize this Offering, originally set for around January 7, 2025, subject to routine closing conditions.

In synchrony with these developments, on January 6, 2025, Acurx Pharmaceuticals released a statement endorsing the standard pricing of the Offering. Investors and stakeholders keen on exploring the detailed dynamics of this financial arrangement can refer to the formal Securities and Exchange Commission filing, where comprehensive information regarding the Offering is laid out.

This article does not constitute a solicitation or offering to buy or sell securities but presents the specifics of Acurx Pharmaceuticals’ recent financial endeavors, paving the way for enhanced organizational sustainability and strategic growth.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Acurx Pharmaceuticals’s 8K filing here.

About Acurx Pharmaceuticals

Acurx Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops antibiotics to treat bacterial infections. The company's lead antibiotic candidate is ibezapolstat, a novel mechanism of action that targets the polymerase IIIC enzyme that is in Phase 2b clinical trial to treat patients with clostridium difficile infections.