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Acurx Pharmaceuticals, Inc. Announces Pricing of $4.0 Million Registered Direct Offering
STATEN ISLAND, N.Y., May 16, 2023 /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., May 16, 2023 /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 a securities purchase agreement with a single institutional investor to purchase 1,333,333 shares of its common stock (or pre-funded warrants in lieu thereof) at a combined effective purchase price of $3.00 per share (or pre-funded warrant) in a registered direct offering. In a concurrent private placement, the Company has also agreed to issue and sell to the investor unregistered Series C warrants to purchase up to an aggregate of 1,333,333 shares of common stock and unregistered Series D warrants to purchase up to an aggregate of 1,333,333 shares of common stock. The offering is expected to close on or about May 18, 2023, subject to the satisfaction of customary closing conditions.\nMaxim Group LLC is acting as the sole placement agent for the offering.\nEach series of warrants will have an exercise price of $3.26 per share and become exercisable six months from the date of issuance. The Series C warrants have a term of two and one-half years from the date of issuance and the Series D warrants have a term of six and one-half years from the date of issuance.\nThe gross proceeds to the Company from the registered direct offering and the concurrent private placement are estimated to be approximately $4.0 million before deducting the placement agent's fees and other estimated offering expenses.\nThe shares of common stock (or pre-funded warrants in lieu thereof) are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-265956), which was declared effective by the United States Securities and Exchange Commission (\"SEC\") on July 11, 2022. The Series C and Series D warrants that are being issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.\nIn connection with the offering, the Company also has agreed to amend its existing Series A warrants t...