Carl Sailer, a director at Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP), recently acquired shares in the company. According to a recent SEC filing, Sailer purchased 24,631 shares of common stock at a price of $1.015 per share, amounting to a total transaction value of approximately $25,000. This acquisition was part of a registered direct offering by Acurx Pharmaceuticals. The purchase comes as the stock trades near its 52-week low of $0.72, with analysts setting price targets between $10-12 per share, according to InvestingPro data.
Additionally, Sailer acquired warrants for common stock in a concurrent private placement. These warrants, which allow for the purchase of 24,631 shares, were obtained at no initial cost, with an exercise price of $0.90 per share. InvestingPro analysis shows the company maintains a strong cash position with more cash than debt on its balance sheet, potentially supporting future operations. Following these transactions, Sailer holds a total of 137,183 shares directly, with an additional 5,000 shares indirectly owned by his spouse. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial analysis for ACXP through the Pro Research Report.
In other recent news, Acurx Pharmaceuticals has made significant strides in its clinical trials, particularly for ibezapolstat, a promising treatment for C. difficile infection. The company has received positive feedback from the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA), enabling it to advance ibezapolstat into Phase 3 trials. Acurx also secured a new patent for ibezapolstat, extending its protection until June 2042.
In terms of financials, the company reported a net loss of $2.8 million for the third quarter of 2024 but holds cash reserves of $5.8 million. As part of its treasury strategy, Acurx has approved the purchase of up to $1 million in Bitcoin.
The company is also preparing for Phase III trials for ibezapolstat, which are planned to include 150 sites and 900 patients. These are the recent developments in Acurx's ongoing efforts to bring novel treatments for infectious diseases to the market.
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