Full Press Release Details
Acurx Pharmaceuticals,
Inc. Announces $2.5 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
NY, January 6, 2025 - Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) ("we" or "Acurx" or the "Company"),
a late-stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, today announced
that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2,463,058 shares of its common stock at
a purchase price of $1.015 per share in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent
private placement, the Company will issue unregistered warrants to purchase up to 2,463,058 shares of common stock. The warrants will
have an exercise price of $0.90 per share, will be exercisable upon issuance and expire five years following the date of issuance. The
closing of the offering is expected to occur on or about January 7, 2025, subject to the satisfaction of customary closing conditions.
& Co. is acting as the exclusive placement agent for the offering.
proceeds to the Company from the offering are expected to be approximately $2.5 million, before deducting the placement agent fees and
other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the offering for working capital
and other general corporate purposes.
The shares of common
stock (but not the warrants issued in the private placement or the shares of common stock underlying such warrants) are being offered
by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-265956) filed with the Securities and
Exchange Commission ("SEC") on July 1, 2022 and became effective on July 11, 2022. The registered direct offering of the
shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective
registration statement. The prospectus supplement and the accompanying prospectus relating to the shares of common stock being offered
in the registered direct offering will be filed with the SEC and be available at the SEC's website at www.sec.gov. Electronic copies
of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may also be obtained, when available,
by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail
The warrants described
above are being issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities
Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been
registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock
may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such applicable state securities laws.
shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there
be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or jurisdiction.
About Acurx Pharmaceuticals, Inc.
Acurx Pharmaceuticals
is a late-stage biopharmaceutical company focused on developing a new class of small molecule antibiotics for difficult-to-treat bacterial
infections. The Company's approach is to develop antibiotic candidates with a Gram-positive selective spectrum (GPSS ) that blocks
the active site of the Gram-positive specific bacterial enzyme DNA polymerase IIIC (pol IIIC), inhibiting DNA replication and leading
to Gram-positive bacterial cell death. Its R&D pipeline includes antibiotic product candidates that target Gram-positive bacteria,
including Clostridioides difficile, methicillin-resistant Staphylococcus aureus (MRSA), vancomycin resistant Enterococcus (VRE), drug-resistant
Streptococcus pneumoniae (DRSP) and B. anthracis (anthrax; a Bioterrorism Category A Threat-Level pathogen). Acurx's lead product candidate,
ibezapolstat, for the treatment of C. difficile Infection is Phase 3 ready with plans in progress to begin international clinical trials
this year. The Company's preclinical pipeline includes development of an oral product candidate for treatment of ABSSSI (Acute Bacterial
Skin and Skin Structure Infections), upon which a development program for treatment of inhaled anthrax is being planned in parallel.
Forward-Looking Statements
in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations,
prospects, plans and objectives, and other statements containing the words "believes," "anticipates," "plans,"
"expects," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements regarding the ability of the Company to consummation the offering,
the satisfaction of the closing conditions of the offering and the use of proceeds therefrom. Actual results may differ materially from
those indicated by such forward-looking statements as a result of various important factors, including: market and other conditions,
whether ibezapolstat will benefit from the QIDP designation; whether ibezapolstat will advance through the clinical trial process on
a timely basis; whether the results of the clinical trials of ibezapolstat will warrant the submission of applications for marketing
approval, and if so, whether ibezapolstat will receive approval from the FDA or equivalent foreign regulatory agencies where approval
is sought; whether, if ibezapolstat obtains approval, it will be successfully distributed and marketed; and other risks and uncertainties
described in the Company's annual report filed with the Securities and Exchange Commission on Form 10-K for the year ended December 31,
2023, and in the Company's subsequent filings with the Securities and Exchange Commission. Such forward-looking statements speak only
as of the date of this press release, and Acurx disclaims any intent or obligation to update these forward-looking statements to reflect
events or circumstances after the date of such statements, except as may be required by law.
Acurx Pharmaceuticals, Inc.
David P. Luci, President & Chief
Email: davidluci@acurxpharma.com
Source: Acurx Pharmaceuticals,