Acrux (ASX:ACR) has secured binding commitments to raise $1.6 million before costs through a share placement to institutional and professional investors.
The placement was strongly supported, with commitment bids totalling $2.6 million received before the offer was scaled back by $1 million.
New shares will be issued at 0.95 cents per share, representing a 13.6% discount to Acrux’s last traded price of 1.10 cents and a 16.8% discount to the 5-day VWAP of 1.14 cents to May 9, 2026.
Funds raised will be used to advance Acrux’s ongoing development of female testosterone and support the company as it works toward a co-development agreement with an international partner. Acrux’s new strategy is focused on high-value, innovative transdermal intellectual property following a detailed review of the business by the company’s new chief executive officer and executive team. The review assessed the performance of Acrux’s existing commercialised topical generic drugs in the US, the potential for geographic expansion, topical generic products under development and changes in the clinical and regulatory environment for hormone replacement therapy, particularly in women’s health.
It also considered opportunities to leverage Acrux’s existing know-how and R&D, FDA feedback on the company’s completed Phase 1 and 2 clinical trials for female testosterone, the potential pathway to Phase 3 development and commercialisation strategies including co-development.
“We are delighted in the support we have received from new and existing shareholders for the Placement. The level of excess commitments indicates a high level of interest in our Phase III clinical trials for Female Testosterone and the co-development pathway with an international partner. Acrux’s know-how and our existing commercialised portfolio mean we are very well placed to meet the growing, global, unmet need for women with hypoactive sexual desire dysfunction," Acrux CEO and managing director John Warmbrunn said.
Attaching options subject to approval
Subject to shareholder approval, placement participants will also receive 1 free unlisted attaching option for every 2 shares subscribed for under the placement.
The attaching options will have an exercise price of 1.8 cents and a 3-year term. Acrux expects to seek shareholder approval for the options at an extraordinary general meeting in July 2026.
Alpine Capital acted as lead manager to the placement. Fees payable to Alpine Capital include options on the same terms as the attaching options, excluding shares issued to participants introduced by Acrux.
About Acrux
Acrux is a specialty pharmaceutical company focused on developing and commercialising topically applied medicines. With 25 years of experience, the company has brought several products to market globally through licensing partners, with a particular focus on the United States.