Acurx Pharmaceuticals Raises $7.1M Offering with 825,085 Shares and Warrants
Acurx closed a $7.1M direct offering selling 825,085 shares at $3.03 plus pre-funded warrants, raising $2.5M upfront and potential $4.6M from 1.65M short-term warrants exercisable at $2.78 over 24 months. Proceeds will fund working capital and trials for lead antibiotic ibezapolstat’s Phase 3 readiness.
1. Registered Direct Offering
Acurx sold 825,085 shares of common stock (or pre-funded warrants) at $3.03 per share under Nasdaq’s at-the-market rules, generating approximately $2.5 million in gross proceeds before fees. The offering was conducted under an effective Form S-3 shelf registration statement.
2. Short-Term Warrant Structure
In a concurrent private placement, Acurx issued 1,650,170 unregistered short-term warrants exercisable at $2.78 per share, immediately exercisable and expiring 24 months after the registration statement’s effective date, representing potential additional gross proceeds of $4.6 million.
3. Use of Proceeds and Pipeline Development
Acurx intends to deploy net proceeds for working capital and general corporate purposes, including advancing ibezapolstat into international Phase 3 trials for multiply-recurrent C. difficile infection. The company’s broader pipeline targets Gram-positive bacterial infections such as MRSA, VRE and DRSP.