Nasdaq-listed antibiotics developer Acurx to put $1m in Bitcoin on balance sheet

Publicly traded biopharmaceutical company Acurx Pharmaceuticals said it plans to purchase up to $1 million in Bitcoin to hold as a “treasury reserve asset.”

Acurx Pharmaceuticals, a biopharmaceutical company developing new antibiotics for difficult-to-treat bacterial infections, is preparing to buy up to $1 million in Bitcoin (BTC) to keep the cryptocurrency as a “treasury reserve asset” on its balance sheet.

The New York-based company said in a Nov. 20 press release that the strategy approved by its board will be beneficial for it as it takes advantage of Bitcoin’s properties that will provide a “functional store of value.” David P. Luci, chairman and chief executive officer of Acurx Pharmaceuticals, said the new treasury strategy is a “financial strategy and has no impact on our comprehensive drug development plans.”

“As demand for Bitcoin grows and its acceptance as a major and primary asset class increases, we believe Bitcoin will serve as a strong treasury reserve asset for cash that is not needed over the next 12 to 18 months. “With the recent approval of Bitcoin ETFs and growing support from government agencies and institutional investors, this is a great addition to our treasury strategy.”

David P. Luci

Acurx shares rise 6% after Bitcoin purchase plan

Founded in 2017 by David P. Luci and Robert J. DeLuccia, Acurx Pharmaceuticals is a late-stage biopharmaceutical company specializing in the development of new antibiotics that target difficult-to-treat bacterial infections, particularly Gram-positive pathogens.

The company went public in 2021 and trades on Nasdaq under the ticker symbol ACXP. Amid the news, Acurx shares rose 6.6% to $1.78 in premarket trading, according to Nasdaq data.