Doktornolittle
10 months ago
Wow! What just happened? I think CTXR just bought itself for $750M. Given that it had only a $107M market cap, I think that is a pretty neat trick. Actually, it bought 90% of itself for $675M. What happened to the other 10%. Is this just a 10% dilution, or is this a 10% dilution where somebody gets skewered by a factor of (750/107 )/.9 = 7.8X. Now who would that be that would get skewered (if anyone)? CTXR is held; 7.8% by Insiders, 10.7% by Institutions, so I assume about 81.5% by Retail Investors. Must be the Institutional Investors and Insiders that are getting skewered if anyone... right? That is how this works, right? SPAC's are used by non-public companies that want to go public. This time it is a public company changing it's name. New use of an SPAC? Changing it's name and probably f%$&g you in the a%##. Deep down you can feel it, can't you? Notice they said that the agreement had to be ratified by TenX but they didn't say anything about the CTXR investors having to vote on this. How could that be? Ouch! Deeper! Cut that out! You should have known that something was fishy when the 100% efficacious Mino-Lok trial that should have ended a very long time ago went silent for so long. You have to wonder if the BLA submission issues were deliberate to tank the price and give time to set this (skewering?) up. As a wealthy manager once said to me after I invented something valuable for the company and then asked for a promotion, "You (retail investors) are used to not having any money. You don't need money". They on the other hand are very very rich, so they need your money more than you need it. It's all good.
drkazmd65
1 year ago
A bit of news - Citius extends gains on advancing efforts to spin off oncology asset
https://seekingalpha.com/news/3952716-citius-stock-gains-on-spin-off-plans-for-oncology-asset
Mar. 30, 2023 9:29 AM ET
Citius Pharmaceuticals, Inc. (CTXR)
RDY
By: Dulan Lokuwithana, SA News Editor
After a 7% rise in the previous session, Citius Pharma (NASDAQ:CTXR) shares continued to gain in the pre-market Thursday after the company highlighted progress on its previously announced plans to spin off oncology candidate I/ONTAK into a standalone publicly-traded entity.
In a press release on Thursday, Citius (CTXR) said that in connection with the transaction, it has selected Maxim Group LLC as the financial advisor to its wholly-owned subsidiary, Citius Acquisition Corp.
Following the spinoff, Citius (CTXR) is expected to continue to trade on the Nasdaq under its current ticker CTXR.
I/ONTAK is a reformulation of the previously FDA-approved oncology treatment ONTAK which was available in the U.S. market from 1999 β 2014 but voluntarily withdrawn later.
Citius (CTXR) and Dr. Reddy's (RDY) have a licensing deal for I/ONTAK, which is currently under FDA review for persistent or rare blood cancer recurrent cutaneous T-cell lymphoma (CTXR), with a decision expected by Sept. 28, 2023.
Read: Seeking Alpha contributor Bret Jensen issued a Hold rating on CTXR, noting that the upcoming FDA decision on I/ONTAK is a binary event.