Acurx Pharmaceuticals, a Phase 2 biotech developing antibiotics for antibiotic-resistant pathogens, filed on Thursday with the SEC to raise up to $15 million in an initial public offering.
The company plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Acurx Pharmaceutical would command a market value of $57 million.
Acurx Pharmaceuticals is developing a new class of antibiotics for infections caused by bacteria listed as priority pathogens by the WHO, CDC, and USDA. The company's approach is to develop candidates that block the DNA polymerase IIIC enzyme, which it believes is the primary catalyst for the DNA replication of several Gram-positive bacterial cells. Acurx Pharmaceuticals' lead candidate, ibezapolstat, recently completed a Phase 2a trial in patients with C. difficile infections, and is expected to begin a Phase 2b trial this year.
The Staten Island, NY-based company was founded in 2017 and plans to list on the Nasdaq under the symbol ACXP. Acurx Pharmaceuticals filed confidentially on April 5, 2021. Alexander Capital, and WallachBeth Capital are the joint bookrunners on the deal.
