Acurx Pharmaceuticals, a phase 2 biotech developing antibiotics for antibiotic-resistant pathogens, raised $15 million by offering 2.5 million shares at $6, within the range of $5 to $7. At pricing, the company commands a fully diluted market value of $62 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.
Acurx Pharmaceuticals plans to list on the Nasdaq under the symbol ACXP. Alexander Capital, and Network 1 Financial Securities acted as joint bookrunners on the deal.
