Acurx Pharmaceuticals Makes a Major Investment With $4M Registered Direct Offering

Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP), a clinical stage biopharmaceutical company developing a groundbreaking new class of antibiotics for difficult-to-treat bacterial infections, has announced that it has entered into a securities purchase agreement with a single institutional investor.

Through this agreement, 1,333,333 shares of common stock (or pre-funded warrants in lieu thereof) will be purchased at a combined effective purchase price of $3.00 per share (or pre-funded warrant).

Moreover, the investor has also been granted 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, in a concurrent private placement. The offering is expected to close on or about May 18, 2023, pending satisfaction of customary closing conditions.

Maxim Group LLC is proud to serve as the exclusive placement agent for this offering. We are excited to be part of this endeavor and look forward to a successful outcome.

The newly issued Series C and Series D warrants can be exercised at an exercise price of $3.26 per share, with the Series C becoming exercisable after six months and the Series D after two and a half years. Holders of these warrants will reap the rewards of their investment over the long-term, with the Series D warrant expiring after six and a half years.

The Company is estimated to receive approximately $4.0 million in gross proceeds from the registered direct offering and the concurrent private placement before deducting the placement agent’s fees and other offering expenses. This is an exciting opportunity for the Company to expand their reach and further their goals.

The SEC has declared the shelf registration statement on Form S-3 (File No. 333-265956) effective as of July 11, 2022, enabling the offering of common stock (or pre-funded warrants in lieu thereof). Furthermore, the concurrent private placement also includes the issuance of Series C and Series D warrants, which are being offered in accordance with Section 4(a)(2) of the Securities Act of 1933 and Regulation D. These warrants, and the shares issuable upon exercise of such warrants, have not been registered under the Act or any applicable state securities laws.

The Company has agreed to amend the existing Series A and Series B warrants to purchase up to an aggregate of 1,230,769 shares of the Company’s common stock that were issued in July 2022. Upon successful completion of the offering, the amended warrants will now have a termination date of May 18, 2029, granting investors the opportunity to benefit from their investment in the Company for a longer duration.

About Acurx Pharmaceuticals, Inc.

Acurx Pharmaceuticals is a clinical stage biopharmaceutical company on a mission to develop new antibiotics to treat even the most difficult infections. Its cutting-edge approach involves targeting the DNA polymerase IIIC enzyme with antibiotic product candidates.

These candidates are designed to combat Gram-positive bacteria, including Clostridioides difficile, methicillin-resistant Staphylococcus aureus (MRSA), vancomycin resistant Enterococcus (VRE) and drug-resistant Streptococcus pneumoniae (DRSP). With this innovative approach, Acurx Pharmaceuticals is taking strides to give hope to individuals suffering from these dangerous infections.

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