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Acurx Pharmaceuticals Closes Initial Public Offering, Raises $14.8 Million

Strategic Insights

— 1 min read

Acurx Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, announced the closing of its initial public offering (IPO) of 2,875,000 shares of common stock, after exercising the underwriters' option to purchase an additional 375,000 shares. The shares were priced at $6.00 per share and listed on the Nasdaq Capital Market under the ticker symbol "ACXP." The net proceeds from the offering totaled approximately $14.8 million, which will be used to support the company's research and development of new antibiotics.

Key Takeaways:

  • Acurx Pharmaceuticals closed its initial public offering of 2,875,000 shares of common stock, along with an additional 375,000 shares purchased by the underwriters, at a price of $6.00 per share.
  • The net proceeds from the offering totaled approximately $14.8 million, after deducting underwriter discounts and commissions, as well as estimated offering expenses.
  • The shares are listed for trading on the Nasdaq Capital Market under the ticker symbol "ACXP."
  • Alexander Capital L.P. acted as lead book-running manager for the offering, while Network 1 Financial Securities, Inc. acted as co-manager.
  • A registration statement on Form S-1 was declared effective by the Securities and Exchange Commission (SEC) on June 24, 2021, and a final prospectus relating to the offering was filed with the SEC.
  • Copies of the final prospectus are available on the SEC's website at [http://www.sec.gov](http://www.sec.gov) and through Alexander Capital, L.P.

Statistics:

  • 2,875,000 shares of common stock were issued in the IPO.
  • An additional 375,000 shares were purchased by the underwriters.
  • The total price of all shares issued was $17.25 million.
  • The net proceeds totaled approximately $14.8 million.
  • The shares were priced at $6.00 per share.

Sources:

  • Acurx Pharmaceuticals, Inc. press release dated June 29, 2021
  • Registration statement on Form S-1 filed with the SEC on June 24, 2021
  • Final prospectus relating to the offering filed with the SEC
  • SEC's website at [http://www.sec.gov](http://www.sec.gov)
  • Contact details for Alexander Capital, L.P. cited in the press release.

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