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CRANFORD, N.J. - Citius Pharmaceuticals Inc. (NASDAQ: CTXR), a biopharmaceutical company with a market capitalization of $66.54 million, has announced the upcoming closing of a stock offering expected to generate approximately $2 million in gross proceeds. The transaction involves the sale of 1,739,131 shares of common stock—or pre-funded warrants in lieu thereof—at $1.15 per share. The closing is scheduled for tomorrow, subject to customary conditions. The stock has shown recent momentum with a 17.13% gain over the past week, according to InvestingPro data.
The company intends to allocate the net proceeds to support the commercial launch of LYMPHIR™, its newly approved immunotherapy for cutaneous T-cell lymphoma, and for general corporate purposes. H.C. Wainwright & Co. serves as the exclusive placement agent for this offering.
This offering is made under a shelf registration statement filed with the Securities and Exchange Commission (SEC) on February 23, 2024, and declared effective on March 1, 2024. The necessary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on their website.
Citius Pharma focuses on developing first-in-class critical care products. Besides LYMPHIR™, their pipeline includes Mino-Lok®, an antibiotic lock solution, and CITI-002 (Halo-Lido), a topical formulation for hemorrhoids. Both products have completed clinical trials in 2023, with Mino-Lok® meeting its primary and secondary endpoints.
The company is in active discussions with the FDA regarding the next steps for these programs. Citius Pharma also owns a significant stake in Citius Oncology, Inc.
This press release contains forward-looking statements regarding the offering’s completion and the intended use of proceeds, which are subject to risks, uncertainties, and the satisfaction of closing conditions. The statements are based on current expectations and predict future events impacting Citius Pharma.
Investors are advised that this news is based on a press release statement and to consider the detailed risks described in Citius Pharma’s SEC filings when making investment decisions. The company has detailed its need for substantial additional funding and other risks in its recent filings. For a comprehensive analysis of CTXR’s financial health and growth potential, including analyst price targets of $3.00 per share, investors can access detailed metrics and expert insights through InvestingPro’s advanced analytics platform.
In other recent news, Citius Pharmaceuticals, Inc. has achieved a significant milestone with the assignment of a permanent J-code for its drug LYMPHIR by the Centers for Medicare & Medicaid Services, effective April 1, 2025. This development is expected to streamline the billing process for healthcare providers administering LYMPHIR, enhancing patient access. Additionally, Citius has secured approximately $3 million in gross proceeds through a registered direct offering, with H.C. Wainwright & Co. acting as the exclusive placement agent. The funds are allocated for general corporate purposes, including the development of product candidates.
Citius is also preparing for the commercial launch of LYMPHIR in the first half of 2025, following its FDA approval in August 2024. The company has secured commercial supply agreements and initiated educational programs for healthcare providers. Efforts to facilitate patient access include securing reimbursement pathways and designing a patient assistance program. Moreover, Citius Oncology is exploring growth opportunities, such as licensing partnerships in international markets and expanded indications for LYMPHIR.
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