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Acurx Pharmaceuticals, Inc. Announces $4.225 Million Registered Direct Offering
STATEN ISLAND, N.Y., July 25, 2022 /PRNewswire/ -- Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) ("Acurx" or the "Company"), a clinical-stage biopharmaceutical
About this update from Acurx Pharmaceuticals, Inc.
[{"type":"text","content":"STATEN ISLAND, N.Y., July 25, 2022 /PRNewswire/ -- Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) (\"Acurx\" or the \"Company\"), a clinical-stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, today announced that it has entered into definitive agreements with a single healthcare-focused U.S. institutional investor and certain executives of the Company for the purchase and sale of an aggregate of 1,289,980 shares of its common stock (which includes 130,769 pre-funded warrants to purchase shares of its common stock being sold to the U.S. institutional investor) at a purchase price per share of $3.25 (or $3.2499 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant) for the U.S. institutional investor and $3.80 per share for the Company's executives, pursuant to a registered direct offering. The Company has also agreed to issue to each investor, in a concurrent private placement, series A unregistered warrants (the \"Series A Warrants\") to purchase up to 1,289,980 shares of the Company's common stock and series B unregistered warrants (the \"Series B Warrants\") to purchase up to 1,289,980 shares of the Company's common stock. The Series A Warrants and Series B Warrants being sold to the U.S. institutional investor will each have an exercise price of $3.25 per share, will each be exercisable on the six-month anniversary of the issuance date and will expire five years from the date of initial exercisability and one year from the date of initial exercisability, respectively. The Series A Warrants and Series B Warrants being sold to the executives of the Company will each have an exercise price of $3.55 per share, will be exercisable on the six-month anniversary of the issuance date and will expire five years from the date of initial exercisability and one year from the date of initial exercisability, respectively.\nThe closing of the registered direct offering and the concurrent private placement is expected to occur on or about July 27, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $4.225 million. The Company intends to use the net proceeds from the offering for general corporat...