Acurx Board of Directors Approves Bitcoin as Treasury Reserve Asset

Rhea-AI Summary

Acurx Pharmaceuticals (NASDAQ: ACXP) announced that its Board of Directors has approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset. The company views this as a strategic move for cash not needed in the next 12-18 months, citing Bitcoin's growing demand, acceptance as a major asset class, and inflation-resistant characteristics. The company emphasized that this financial strategy will not affect their core drug development plans.

Positive

• Strategic diversification of treasury assets with up to $1 million Bitcoin allocation
• Company has sufficient cash reserves to maintain operations for 12-18 months

Negative

• Exposure to cryptocurrency market volatility risks
• Allocation of company funds to highly speculative assets

STATEN ISLAND, N.Y., Nov. 20, 2024 /PRNewswire/ -- Acurx Pharmaceuticals, Inc. (NASDAQ: ACXP) ("we" or "Acurx" or the "Company"), a late-stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, announced today that the Company's Board of Directors approved the purchase of up to $1 million in Bitcoin to hold as a treasury reserve asset.

"As demand for Bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months" said David P. Luci, President & CEO of Acurx. "With the recent approval of Bitcoin ETFs and the growing support from government agencies and institutional investors, it is a great addition to our treasury strategy. Its limited supply and inflation-resistant characteristics provide a functional store of value. This new treasury strategy is a finance strategy and has no impact on our overarching drug development plans."

About Acurx Pharmaceuticals, Inc.

Acurx Pharmaceuticals is a late-stage biopharmaceutical company focused on developing a new class of small molecule antibiotics for difficult-to-treat bacterial infections. The Company's approach is to develop antibiotic candidates with a Gram-positive selective spectrum (GPSS®) that blocks the active site of the Gram+ specific bacterial enzyme DNA polymerase IIIC (pol IIIC), inhibiting DNA replication and leading to Gram-positive bacterial cell death. Its R&D pipeline includes antibiotic product candidates that target Gram-positive bacteria, including Clostridioides difficile, methicillin-resistant Staphylococcus aureus (MRSA), vancomycin resistant Enterococcus (VRE) and drug-resistant Streptococcus pneumoniae (DRSP).

To learn more about Acurx Pharmaceuticals and its product pipeline, please visit www.acurxpharma.com. 

Forward-Looking Statements

Any statements in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations, prospects, plans and objectives, and other statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks inherent with investing in Bitcoin, including Bitcoin's volatility; the risks of implementing a new treasury strategy; whether ibezapolstat will benefit from the QIDP designation; whether ibezapolstat will advance through the clinical trial process on a timely basis; whether the results of the clinical trials of ibezapolstat will warrant the submission of applications for marketing approval, and if so, whether ibezapolstat will receive approval from the FDA or equivalent foreign regulatory agencies where approval is sought; whether, if ibezapolstat obtains approval, it will be successfully distributed and marketed; and other risks and uncertainties described in the Company's annual report filed with the Securities and Exchange Commission on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release, and Acurx disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements, except as may be required by law.

Investor Contact:

Acurx Pharmaceuticals, Inc.
David P. Luci, President & Chief Executive Officer
Tel: 917-533-1469
Email: davidluci@acurxpharma.com

View original content:https://www.prnewswire.com/news-releases/acurx-board-of-directors-approves-bitcoin-as-treasury-reserve-asset-302310650.html

SOURCE Acurx Pharmaceuticals, Inc.

FAQ

How much Bitcoin will Acurx Pharmaceuticals (ACXP) purchase for its treasury?

Acurx Pharmaceuticals has approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset.

Will Acurx's (ACXP) Bitcoin investment affect their drug development plans?

No, the company explicitly stated that this treasury strategy is purely financial and will have no impact on their drug development plans.

When did Acurx Pharmaceuticals (ACXP) announce their Bitcoin treasury strategy?

Acurx Pharmaceuticals announced their Bitcoin treasury strategy on November 20, 2024.

What is the timeframe for Acurx's (ACXP) Bitcoin treasury reserve strategy?

The Bitcoin investment strategy is planned for cash not needed over the next 12 to 18 months.