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CRANFORD, N.J. - Citius Pharmaceuticals Inc. (NASDAQ: CTXR), a biopharmaceutical company with a market capitalization of $88 million, has announced a registered direct offering that is expected to generate $6 million in gross proceeds. The offering includes nearly 5 million shares and short-term warrants that could potentially bring in an additional $9.8 million if fully exercised. The offering is priced at $1.22 per share, with each accompanying short-term warrant exercisable at $1.00 per share. According to InvestingPro data, the stock has shown significant momentum with a 34% return over the past week.
The offering, managed exclusively by H.C. Wainwright & Co., is set to close around Wednesday, subject to customary conditions. Citius Pharma plans to use the net proceeds to support the commercial launch of LYMPHIR™, a recently FDA-approved immunotherapy for cutaneous T-cell lymphoma, alongside other corporate purposes.
The securities are offered through a shelf registration statement filed with the SEC, which became effective in March 2024. Details of the offering will be available in the prospectus supplement filed with the SEC.
Citius Pharma’s portfolio includes other late-stage products like Mino-Lok®, intended to salvage infected catheters, and CITI-002 for hemorrhoid relief. Both products have completed clinical trials, with Mino-Lok meeting its trial endpoints. While the company’s pipeline shows promise, InvestingPro data indicates the company is not yet profitable, with additional insights available to subscribers.
The press release includes forward-looking statements regarding the offering’s completion, potential warrant exercises, and the intended use of proceeds. These statements are subject to risks and uncertainties that may impact the company’s business and financial condition.
The information in this article is based on a press release statement from Citius Pharmaceuticals Inc.
In other recent news, Citius Pharmaceuticals Inc. announced a strategic distribution agreement with Cardinal Health to facilitate the U.S. commercial launch of LYMPHIR™, an FDA-approved immunotherapy for treating cutaneous T-cell lymphoma. This partnership is expected to enhance the availability and delivery of LYMPHIR™ to the market, as Cardinal Health will become an authorized distributor of record. The collaboration reflects a significant development for Citius Oncology, a subsidiary of Citius Pharmaceuticals, as it prepares for the market introduction of its new treatment. Additionally, Citius Pharmaceuticals has secured approximately $2 million in gross proceeds through a stock offering. The funds raised will support the commercial launch of LYMPHIR™ and other corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for this offering. The company has filed a shelf registration statement with the SEC, and the necessary documents will be made available on their website. Citius Pharmaceuticals also continues discussions with the FDA regarding the next steps for other products in its pipeline.
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