Acrux Limited (ASX:ACR), a specialty pharmaceutical company with a successful track record of developing and commercialising a pipeline of topically applied pharmaceutical products, has successfully raised $1.6 million through a share placement. The Melbourne-based company, which leverages its 25 years of experience to market products worldwide with an emphasis on the United States, announced it received binding commitments from new and existing institutional and professional investors. The placement, priced at 0.95 cents per share, was significantly oversubscribed, attracting $2.6 million in commitment bids before being scaled back by $1.0 million.
As part of the capital raising, Acrux proposes to offer participants one unlisted attaching option for every two shares subscribed, subject to shareholder approval. These attaching options will carry an exercise price of $0.018 and a three-year term. Shareholder approval for the attaching options is expected to be sought at an Extraordinary General Meeting in July 2026. Alpine Capital, as Lead Managers, will also receive options for every share issued under the placement, with similar terms to the attaching options, excluding shares introduced by Acrux.
The net proceeds from the share placement are designated to fund the company’s ongoing development of female testosterone. Additionally, the capital will support Acrux as it progresses towards finalising a co-development agreement with an international partner. John Warmbrunn, Acrux CEO and Managing Director, expressed satisfaction with the outcome, stating, “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.”
Mr. Warmbrunn further added that 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.” The placement shares were issued at a 13.6% discount to the last traded price of $0.0110 and a 16.8% discount to the five-day volume-weighted average price (VWAP) as of May 9, 2026.
