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.
Maxim Group LLC is acting as the sole placement agent for the
offering.
Each 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.
The 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.
The 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.
In connection with the offering, the Company also has agreed to
amend its existing Series A warrants to purchase up to an aggregate
of 1,230,769 shares of the Company's common stock and Series B
warrants to purchase up to an aggregate of 1,230,769 shares of the
Company's common stock that were previously issued in July 2022, such that effective upon the closing
of the offering, the amended warrants will have a termination date
of May 18, 2029.
This press release shall not constitute an offer to sell or a
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 other 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 other jurisdiction.
A prospectus supplement relating to the shares of common stock
will be filed by the Company with the SEC. When available, copies
of the prospectus supplement relating to the registered direct
offering, together with the accompanying prospectus, can be
obtained at the SEC's website at www.sec.gov or from
Maxim Group LLC, 300 Park Avenue, New
York, NY 10022, at (212) 895-3745.
About Acurx Pharmaceuticals, Inc.
Acurx Pharmaceuticals is a clinical stage biopharmaceutical
company focused on developing new antibiotics for difficult to
treat infections. The Company's approach is to develop antibiotic
candidates that target the DNA polymerase IIIC enzyme and 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) and drug-resistant Streptococcus
pneumoniae (DRSP).
To learn more about Acurx Pharmaceuticals and its product
pipeline, please visit www.acurxpharma.com.
Safe Harbor Statement
Any 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. These statements
include, among others, statements regarding the completion of the
offering, the anticipated proceeds from the offering and the use of
such proceeds. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: 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, 2022, 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.
Investor Contact:
Acurx Pharmaceuticals,
Inc.
David P. Luci, President &
CEO
Tel: 917-533-1469
Email: davidluci@acurxpharma.com
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SOURCE Acurx Pharmaceuticals, Inc.