Business
Acurx Pharmaceuticals, Inc. Reports Second Quarter 2021 Results and Provides Business Update
Successful June 2021 IPO Raising $17.25 million in Gross Proceeds Including Exercise of Overallotment Option STATEN ISLAND, N.Y., Aug. 16, 2021 /PRNewswire/
About this update from Acurx Pharmaceuticals, Inc.
[{"type":"text","content":"Successful June 2021 IPO Raising $17.25 million in Gross Proceeds Including Exercise of Overallotment Option\n\n\nSTATEN ISLAND, N.Y., Aug. 16, 2021 /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, announced today certain financial and operational results for the quarter ended June 30, 2021. \nHighlights of, and certain events subsequent to the second quarter of 2021 include:\nHealth Holland has awarded a grant of approximately $500,000 USD to Leiden University Medical Center to further study the mechanism of action of DNA pol IIIC inhibitors in scientific collaboration with Acurx; and Acurx filed a provisional patent application with the U.S. Patent and Trademark Office for use of ibezapolstat to treat C. difficile Infection (CDI) while reducing recurrence of infection and improving the health of the gut microbiome.\"Successful closing of our IPO is a significant corporate milestone and provides the resources required to complete the Company's Phase 2b clinical trial of ibezapolstat in patients with CDI, and to advance development of ACX-375C, our second antibiotic candidate program,\" stated David P. Luci, President and Chief Executive Officer of Acurx. \nSecond Quarter 2021 Financial Results\nResearch and development expenses were $0.1 million for the three months ended June 30, 2021 compared to $0.4 million for the three months ended June 30, 2020. The decrease is primarily due to completion of the Phase 2a trial in 2020. For the six months ended June 30, 2021, research and development expenses were $0.2 million compared to $1.1 million for the six months ended June 30, 2020. The decrease is due to a decrease in Phase 2a trial related costs which was completed in the second half of 2020 and a decrease in consulting costs.\nSelling, general and administrative expenses were $3.9 million for the three months ended June 30, 2021 compared to $0.5 million for the three months ended June 30, 2020. The increase was primarily due to an increase in stock-based director fees and stock-based compensation, and an increase in professional fees.\nFor the six months ended June 30, 2021, selling, general and administrative expenses were $5.4 million compared to $1.1 million fo...