Acurx Pharmaceuticals Completes $1.1 Million Stock Offering to Fund Future Developments

Acurx Pharmaceuticals Announces Completion of $1.1 Million Offering

Staten Island, NY – In a significant move for the biopharmaceutical sector, Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) has successfully closed a registered direct offering of 2,745,000 shares of common stock, priced at $0.40 per share. This strategic decision reflects the company's commitment to enhancing its financial position and advancing its innovative pipeline, particularly its groundbreaking antibiotics aimed at combatting challenging bacterial infections.

Acurx, known for its late-stage development of antibiotics capable of tackling hard-to-treat bacterial infections, will utilize the gross proceeds from this offering, totaling approximately $1.1 million, to bolster its working capital and cover other corporate needs. The company’s efforts focus on developing a new class of antibiotics that specifically target Gram-positive bacteria, leveraging a novel mechanism of action aimed at inhibiting bacterial DNA replication.

Overview of the Offering

The registered direct offering was announced following a concurrent private placement where Acurx issued unregistered short-term warrants to purchase up to 8,235,000 additional shares at the same exercise price of $0.40. Notably, the warrants will become exercisable following stockholder approval and are set to expire twenty-four months post-approval.

H.C. Wainwright & Co. acted as the exclusive placement agent for this transaction, adding to its extensive portfolio of facilitating capital resources for biopharmaceutical companies.

Application of Proceeds

The net proceeds from this offering are earmarked for optimizing Acurx's operational capabilities, especially as it gears up for higher-stakes clinical trials. Acurx's lead candidate, ibezapolstat, is ready for Phase 3 trials aimed at addressing C. difficile infections. The strategic infusion of funds will support both the advancement of this pivotal clinical trial phase and other antibiotic candidates targeting severe infections caused by resistant bacteria, such as MRSA and VRE.

Acurx’s unique antibiotic candidates utilize a Gram-positive selective spectrum (GPSS®) approach, aiming to block the enzyme DNA polymerase IIIC in Gram-positive bacteria, thereby facilitating bacterial cell death. This innovative targeting mechanism not only highlights Acurx's pioneering research but also its dedication to addressing high unmet medical needs in antibiotic resistance.