Joseph C. Scodari, a director at Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP), recently acquired a significant stake in the company. According to a recent SEC filing, Scodari 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 made during a registered direct offering by Acurx Pharmaceuticals. The purchase comes as the stock has seen significant pressure, with InvestingPro data showing a 60% decline over the past six months. The company's current market capitalization stands at approximately $12.4 million.
In addition to the common stock, Scodari also acquired 24,631 warrants for common stock through a concurrent private placement. Each warrant allows the purchase of common stock at an exercise price of $0.90 per share. The warrants are set to expire on January 7, 2030. According to InvestingPro analysis, the company maintains a current ratio of 1.8, indicating adequate liquidity, though its overall financial health score is categorized as weak. For deeper insights into insider trading patterns and comprehensive financial analysis, subscribers can access the full Pro Research Report, available exclusively on InvestingPro.
Following these transactions, Scodari's direct ownership in Acurx Pharmaceuticals increased to 27,708 shares of common stock. The stock's beta of -1.71 suggests it typically moves in the opposite direction of the broader market, potentially offering diversification benefits to investors' portfolios.
In other recent news, Acurx Pharmaceuticals has made significant strides in its clinical trials, particularly with ibezapolstat, a promising treatment for C. difficile infection. The company has received support from the European Medicines Agency (EMA) for progressing ibezapolstat into Phase 3 trials. This development follows Acurx's successful completion of Phase 2 trials and consensus with the U.S. Food and Drug Administration (FDA) on readiness for Phase 3 trials.
In addition to the EMA's guidance, Acurx plans to seek regulatory advice to initiate clinical trials in Japan, Canada, and the United Kingdom (TADAWUL:4280). The company also reported a net loss of $2.8 million for the third quarter of 2024, with cash reserves of $5.8 million. As part of its treasury strategy, Acurx has approved the purchase of up to $1 million in Bitcoin.
Furthermore, Acurx secured a new patent for ibezapolstat, extending its protection until June 2042. Plans are underway for Acurx to begin regulatory discussions with the European Medicines Agency in late 2024 or early 2025. The company is also advancing a stool sample-based diagnostic tool for predicting C. difficile reinfection risk. These are the latest developments in Acurx's ongoing efforts to bring novel treatments for infectious diseases to the market.
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