Acurx Pharmaceuticals, Inc. Announces Exercise of Warrants for $2.67 Million Gross Proceeds

Core Viewpoint - Acurx Pharmaceuticals has entered into a warrant inducement agreement to facilitate the exercise of existing warrants at a significantly reduced price, generating approximately $2.67 million in gross proceeds for the company [1][2]. Group 1: Warrant Inducement Agreement - The company has a warrant inducement agreement with a holder of existing warrants to purchase up to 4,445,435 shares at exercise prices between $3.25 and $3.26 per share, allowing the holder to exercise these warrants at a reduced price of $0.675 per share [1]. - In exchange for exercising the existing warrants, investors will receive 6,223,609 G-1 warrants and 2,667,261 G-2 warrants, totaling 8,890,870 new warrants [1]. - The G-1 and G-2 warrants are both exercisable at $0.425 per share and will expire five years from the issuance date [1]. Group 2: Use of Proceeds - The net proceeds from the warrant exercise are intended for working capital and general corporate purposes [2]. Group 3: Regulatory and Clinical Development - Ibezapolstat, the company's lead antibiotic candidate, is advancing to international Phase 3 clinical trials for treating C. difficile Infection (CDI) and has received FDA designations that may expedite its development [5]. - The antibiotic is part of a new class of drugs targeting Gram-positive bacteria, which includes significant pathogens like MRSA and VRE [6].