CRANFORD, N.J., Sept. 25, 2019 /PRNewswire/ -- Citius
Pharmaceuticals, Inc. ("Citius") ("Company") (NASDAQ: CTXR), a
specialty pharmaceutical company focused on adjunctive cancer care
and critical care drug products, today announced the pricing of an
underwritten offering of 7,821,230 shares of its common stock
(Common Stock) (or Common Stock equivalent) and common warrants to
purchase up to an aggregate of 7,821,230 shares of Common Stock
(the Offering), priced at-the-market. Each share of Common Stock
(or Common Stock equivalent) is being sold together with a common
warrant to purchase one share of Common Stock at a combined
effective price of $0.8951 per share
and accompanying common warrant. The Company has granted the
underwriter a 30-day option to purchase up to an additional
1,173,184 shares of Common Stock and/or common warrants to purchase
up to 1,173,184 shares of Common Stock.
H.C. Wainwright & Co., LLC is acting as the sole
book-running manager for the Offering.
The common warrants will be exercisable immediately at an
exercise price of $0.77 per share and
will expire five years from the date of issuance. The shares of
Common Stock (or Common Stock equivalent) and the accompanying
common warrants can only be purchased together in the Offering but
will be issued separately. The Offering is expected to close on or
about September 27, 2019, subject to
customary closing conditions.
The gross proceeds of the Offering are expected to be
approximately $7.0 million, prior to
deducting underwriting discounts and commissions and estimated
offering expenses. Citius intends to use the net proceeds from the
Offering for general corporate purposes, including its Phase 3
clinical Mino-Lok trial for the treatment of catheter related
bloodstream infections, the investigational new drug (IND)
regulatory pathway for Mino-Wrap and its Phase 2b clinical trial of Hydro-Lido cream for the
treatment of hemorrhoids, and working capital and capital
expenditures.
A registration statement on Form S-1 (File No. 333-233759)
relating to the securities was declared effective by the U.S.
Securities and Exchange Commission (SEC) on September 24, 2019. The Offering is being made
only by means of a prospectus forming part of the effective
registration statement. A preliminary prospectus relating to and
describing the terms of the Offering has been filed with the SEC.
Electronic copies of the preliminary prospectus and, when
available, copies of the final prospectus relating to the Offering
may be obtained for free by visiting the SEC's website at
www.sec.gov or from H.C. Wainwright & Co., LLC, 430 Park
Avenue, 3rd Floor, New York, New
York 10022, by email at placements@hcwco.com or by telephone
at 646-975-6996.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Citius Pharmaceuticals, Inc.
Citius is a specialty pharmaceutical company dedicated to the
development and commercialization of critical care products, with a
focus on anti-infectives, cancer care and unique prescription
products that use innovative, patented or proprietary formulations
of previously-approved active pharmaceutical ingredients. We seek
to achieve leading market positions by providing therapeutic
products that address unmet medical needs; by using previously
approved drugs with substantial safety and efficacy data, we seek
to reduce the risks associated with pharmaceutical product
development and regulatory requirements. Citius develops products
that have intellectual property protection and competitive
advantages to existing therapeutic approaches. For more
information, please visit www.citiuspharma.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future
events impacting Citius. You can identify these statements by the
fact that they use words such as "will," "anticipate," "estimate,"
"expect," "should," and "may" and other words and terms of similar
meaning or use of future dates. Forward-looking statements are
based on management's current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock price.
Factors that could cause actual results to differ materially
from those currently anticipated are: the expected timing of the
closing of the Offering and Citius's expectations regarding the use
of proceeds from the Offering; risks and uncertainties associated
with market conditions and the satisfaction of customary closing
conditions related to the Offering; risks associated with the
design of our ongoing Phase 3 trial for Mino-Lok, including the
recent change to the primary endpoint for that trial and our
ability to show clinical significance of that endpoint; risks
associated with conducting our Phase 3 trial for Mino-Lok,
including completing patient enrollment, patient retention and the
reasons for catheter failure in the trial; risks associated with
sourcing components of our product candidates; our dependence on
third-party suppliers; our ability to obtain, perform under and
maintain financing and strategic agreements and relationships; the
estimated markets for our product candidates and the acceptance
thereof by any market; risks relating to the results of research
and development activities; risks associated with developing
Mino-Wrap, including that preclinical results may not be predictive
of clinical results and our ability to file an IND; uncertainties
relating to preclinical and clinical testing; the early stage of
products under development; risks related to our growth strategy;
our ability to identify, acquire, close and integrate product
candidates and companies successfully and on a timely basis; our
ability to attract, integrate, and retain key personnel; our need
for substantial additional funds; government regulation; patent and
intellectual property matters; competition; as well as other risks
described in our SEC filings. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
Contact:
Andrew Scott
Vice President, Corporate Development
(O) 908-967-6677
ascott@citiuspharma.com
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SOURCE Citius Pharmaceuticals, Inc.