CRANFORD, N.J., Nov. 15,
2024 /PRNewswire/ -- Citius Pharmaceuticals Inc.
(Nasdaq: CTXR) ("Citius Pharma" or the "Company"), a
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 12,000,000 shares of its common stock
and accompanying warrants to purchase up to an aggregate of
12,000,000 shares of its common stock, at a purchase price of
$0.25 per share and accompanying
warrant in a registered direct offering. The warrants will have an
exercise price of $0.25 per share,
will be exercisable immediately upon issuance, and will expire five
years from the initial exercise date. The closing of the
offering is expected to occur on or about November 18, 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 $3 million, before
deducting the placement agent fees and other offering expenses
payable by the Company. The Company 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 Pharma is a biopharmaceutical company dedicated to the
development and commercialization of first-in-class critical care
products. In August 2024, the FDA
approved LYMPHIR, a targeted immunotherapy for an initial
indication in the treatment of cutaneous T-cell lymphoma. Citius
Pharma's late-stage pipeline also includes Mino-Lok®, an antibiotic
lock solution to salvage catheters in patients with
catheter-related bloodstream infections, and CITI-002 (Halo-Lido),
a topical formulation for the relief of hemorrhoids. A Pivotal
Phase 3 Trial for Mino-Lok and a Phase 2b trial for Halo-Lido were completed in 2023.
Mino-Lok met primary and secondary endpoints of its Phase 3 Trial.
Citius Pharma is actively engaged with the FDA to outline next
steps for both programs. Citius Pharma owns 92% of Citius Oncology,
Inc. ("Citius Oncology"). 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 Pharma. 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, and, unless noted otherwise, that apply to Citius
Pharma and Citius Oncology, are: related to the closing of the
offering; our ability to raise additional money to fund our
operations for at least the next 12 months as a going concern;
Citius Pharma's ability to regain compliance with and continue to
meet Nasdaq's continued listing standards; our ability to
commercialize LYMPHIR and any of our other product candidates that
may be approved by the FDA; risks relating to the results of
research and development activities, including those from our
existing and any new pipeline assets; risks related to research
using our assets but conducted by third parties; our need for
substantial additional funds; 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 dependence on third-party suppliers; our
ability to procure cGMP commercial-scale supply; our ability to
obtain, perform under and maintain financing and strategic
agreements and relationships; uncertainties relating to preclinical
and clinical testing; the early stage of products under
development; market and other conditions; 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 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 Citius
Pharma's Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on
December 29, 2023, as 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.