CRANFORD, N.J., April 30,
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 closed its previously announced registered
direct offering 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. The warrants 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.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The aggregate gross proceeds to the Company from the offering
were 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 were 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 was 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 offered was filed with the SEC and is 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 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 LYMPHIR™, 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 intended use of net proceeds
from the offering. Factors that could cause actual results to
differ materially from those currently anticipated are: 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.