Net operating losses converted into
non-dilutive capital
CRANFORD, N.J., March 7,
2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc.
("Citius" or the "Company") (Nasdaq: CTXR), a late-stage
biopharmaceutical company dedicated to the development and
commercialization of first-in-class critical care products today
announced that the Company has received $2.4
million in non-dilutive capital through New Jersey's Technology Business Tax
Certificate Transfer Program, more commonly known as the Net
Operating Loss (NOL) Program, funded through the New Jersey
Economic Development Authority (NJEDA).
"Citius is pleased to have been selected to participate, once
again, in New Jersey's NOL
Program. This program allows us to convert certain losses from
operations into non-dilutive funding to continue advancing our
pipeline. We are thankful to the NJ Economic Development Authority
for their support, and the added financial flexibility these funds
provide Citius," stated Jaime
Bartushak, Chief Financial Officer of Citius.
About the Technology Business Tax Certificate Transfer
Program (NOL Program)
The NOL Program enables participants to sell their New Jersey net operating losses and unused
R&D tax credits to unrelated profitable corporations for cash.
Up to $75 million is available
annually. The NJEDA and the New Jersey Department of Treasury's
Division of Taxation jointly administer the NOL Program.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as
the State's principal agency for driving economic growth. The NJEDA
is committed to making New Jersey
a national model for inclusive and sustainable economic development
by focusing on key strategies to help build strong and dynamic
communities, create good jobs for New
Jersey residents, and provide pathways to a stronger and
fairer economy. Through partnerships with a diverse range of
stakeholders, the NJEDA creates and implements initiatives to
enhance the economic vitality and quality of life in the State and
strengthen New Jersey's long-term
economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA
Customer Care at 609-858-6767 or
visit https://www.njeda.com and follow @NewJerseyEDA on
Facebook, Twitter, Instagram, and LinkedIn.
About Citius Pharmaceuticals, Inc.
Citius Pharma 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. At the end of
2023, Citius completed enrollment in a Phase 3 Pivotal superiority
trial of Mino-Lok®, an antibiotic lock solution to salvage
catheters in patients with catheter-related bloodstream infections.
Citius is preparing to resubmit the Biologics License Application
for LYMPHIR™, a novel IL-2R immunotherapy for an initial indication
in cutaneous T-cell lymphoma, in early 2024, and 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.
Factors that could cause actual results to differ materially from
those currently anticipated are: our need for substantial
additional funds; risks relating to the results of research and
development activities; 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; 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 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 Securities and Exchange Commission ("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 Securities and Exchange Commission.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/citius-pharmaceuticals-inc-secures-2-4-million-through-new-jersey-economic-development-program-302081639.html
SOURCE Citius Pharmaceuticals, Inc.