CRANFORD, N.J., April 26,
2024 /PRNewswire/ -- Citius Pharmaceuticals Inc.
(Nasdaq: CTXR) ("Citius" or the "Company"), a late-stage
biopharmaceutical company dedicated to the development and
commercialization of first-in-class critical care products, today
announced that it has entered into definitive agreements for the
purchase of an aggregate of 21,428,574 shares of its common stock
and accompanying warrants to purchase up to an aggregate of
21,428,574 shares of its common stock, at a purchase price of
$0.70 per share and accompanying
warrant in a registered direct offering. The warrants will have an
exercise price of $0.75 per share,
will be exercisable six months from the date of issuance, and will
expire five years from the initial exercise date. The closing
of the offering is expected to occur on or about April 30, 2024, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The aggregate gross proceeds to the Company from the offering
are expected to be approximately $15
million, before deducting the placement agent fees and other
offering expenses payable by the Company. Citius currently intends
to use the net proceeds from the offering for general corporate
purposes, including pre-clinical and clinical development of our
product candidates and working capital and capital
expenditures.
The securities described above are being offered pursuant to a
"shelf" registration statement (File No. 333-277319) filed with the
Securities and Exchange Commission ("SEC") on February 23, 2024 and declared effective on
March 1, 2024. The offering is being
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
The prospectus supplement and the accompanying prospectus relating
to the securities being offered will be filed with the SEC and be
available at the SEC's website at www.sec.gov. Electronic copies of
the prospectus supplement and the accompanying prospectus relating
to the securities being offered may also be obtained, when
available, by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New
York, NY 10022, by telephone at (212) 856-5711 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or 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 jurisdiction.
About Citius Pharmaceuticals, Inc.
Citius is a late-stage biopharmaceutical company dedicated to
the development and commercialization of first-in-class critical
care products. The Company's diversified pipeline includes two
late-stage product candidates. The Biologics License Application
for LYMPHIRTM, a novel IL-2R immunotherapy for an
initial indication in cutaneous T-cell lymphoma, is currently under
review by the FDA with August 13,
2024 assigned as the PDUFA target action date. Citius
previously announced plans to form Citius Oncology, a standalone
publicly traded company with LYMPHIR as its primary asset. LYMPHIR
received orphan drug designation by the FDA for the treatment of
CTCL and PTCL. In addition, Citius completed enrollment in its
Phase 2b trial of CITI-002
(Halo-Lido), a topical formulation for the relief of hemorrhoids.
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," "plan," "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, and
includes all statements related to the completion of the offering,
the satisfaction of customary closing conditions related to the
offering and the intended use of net proceeds from the
offering. Factors that could cause actual results to differ
materially from those currently anticipated are: risks related to
the closing of the offering; risks relating to the results of
research and development activities, including those from existing
and new pipeline assets; uncertainties relating to preclinical and
clinical testing; the early stage of products under development;
our need for substantial additional funds; our ability to
commercialize our products if approved by the FDA; our dependence
on third-party suppliers; our ability to procure cGMP
commercial-scale supply; the estimated markets for our product
candidates and the acceptance thereof by any market; the ability of
our product candidates to impact the quality of life of our target
patient populations; our ability to obtain, perform under and
maintain financing and strategic agreements and relationships;
market and other conditions; our ability to attract, integrate, and
retain key personnel; risks related to our growth strategy; patent
and intellectual property matters; our ability to identify,
acquire, close and integrate product candidates and companies
successfully and on a timely basis; government regulation;
competition; as well as other risks described in our SEC filings.
These risks have been and may be further impacted by Covid-19 and
could be impacted by any future public health risks. Accordingly,
these forward-looking statements do not constitute guarantees of
future performance, and you are cautioned not to place undue
reliance on these forward-looking statements. Risks regarding our
business are described in detail in our SEC filings which are
available on the SEC's website at www.sec.gov, including in our
Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on
December 29, 2023, and updated by our
subsequent filings with the SEC. These forward-looking statements
speak only as of the date hereof, and 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.
Investor Contact:
Ilanit
Allen
ir@citiuspharma.com
908-967-6677 x113
Media Contact:
STiR-communications
Greg Salsburg
Greg@STiR-communications.com
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SOURCE Citius Pharmaceuticals, Inc.