CRANFORD, N.J., Jan. 8, 2025
/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 743,496 shares of
its common stock and accompanying warrants to purchase up to an
aggregate of 743,496 shares of its common stock, at a purchase
price of $4.035 per share and
accompanying warrant in a registered direct offering priced
at-the-market under Nasdaq rules. The warrants will have an
exercise price of $3.91 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 January 8, 2025, 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 $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 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, 2024, filed with the
SEC on December 27, 2024, 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/citius-pharmaceuticals-announces-3-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rules-302345150.html
SOURCE Citius Pharmaceuticals, Inc.
