Acurx Pharmaceuticals, Inc. Announces Closing of up to $7.1 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

Acurx Pharmaceuticals, Inc. has successfully closed a registered direct offering of 825,085 shares of its common stock, raising approximately $2.5 million. The shares were priced at $3.03 each, and the offering was conducted under Nasdaq rules. In addition to the upfront proceeds, Acurx has the potential to receive up to an additional $4.6 million from the exercise of short-term warrants that were issued concurrently with the offering. H.C. Wainwright & Co. served as the exclusive placement agent for this transaction.

Acurx Pharmaceuticals is a late-stage biopharmaceutical company focused on developing a new class of antibiotics aimed at treating difficult-to-manage bacterial infections. The company's lead product candidate, ibezapolstat, targets Clostridioides difficile infection (CDI) and is poised to enter Phase 3 clinical trials, contingent upon securing adequate financing. Acurx's innovative approach involves creating antibiotics with a Gram-positive selective spectrum (GPSS®), which inhibits the bacterial enzyme DNA polymerase IIIC, thereby blocking DNA replication and leading to bacterial cell death. This strategy positions Acurx to address significant unmet medical needs in the antibiotic space.

The recent fundraising effort is particularly timely given the rising global concern over antibiotic resistance and the limited options available for treating infections caused by resistant bacteria. Acurx's focus on Gram-positive pathogens, including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant Enterococcus (VRE), highlights the company's commitment to addressing critical health challenges. The proceeds from this offering will primarily be allocated for working capital and other general corporate purposes, which may include advancing clinical trials for ibezapolstat and expanding the company's research and development efforts.

The biopharmaceutical sector is currently experiencing heightened activity, driven by increasing investments in innovative therapies and the urgent need for new antibiotics. Acurx's successful fundraising reflects broader market dynamics where investors are increasingly drawn to companies that are pioneering solutions in areas of high medical need. The potential additional proceeds from the short-term warrants, if exercised, could further bolster Acurx's financial position, enabling the company to accelerate its clinical development plans.

In conclusion, Acurx Pharmaceuticals' recent capital raise not only strengthens its balance sheet but also underscores the growing investor interest in the biopharmaceutical sector, particularly in companies addressing antibiotic resistance. As Acurx moves forward with its clinical trials and product development, the outcomes of these efforts could have significant implications for both the company and the broader healthcare landscape, potentially leading to new treatment options for patients facing challenging bacterial infections.