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Citius Oncology, Inc. (NASDAQ:CTOR), a clinical-stage biotech company with a market capitalization of $146 million, reported on Friday that it issued warrants to a financial advisor for the purchase of up to 360,000 shares of its common stock. The warrants have an exercise price of $2.1875 per share, become exercisable on March 10, 2026, and will expire on March 10, 2031. With CTOR’s current stock price at $1.76, down nearly 8% over the past week but up 188% over the last six months, the warrant pricing reflects potential long-term value expectations. The issuance was conducted as a private placement under Section 4(a)(2) of the Securities Act of 1933.
The company also announced that its board of directors approved an amendment to the 2024 Omnibus Stock Incentive Plan. The amendment increases the number of authorized shares reserved for issuance under the plan from 15,000,000 to 30,000,000. No other changes were made to the plan as part of this amendment. According to InvestingPro, CTOR operates with moderate debt levels and maintains a "Fair" overall financial health score.
These details are based on a statement from a press release included in the company’s recent SEC filing. Citius Oncology is incorporated in Delaware and its common stock is listed on the Nasdaq Capital Market under the symbol CTOR.
In other recent news, Citius Oncology, Inc. has successfully closed a $9 million public offering to support its cancer therapy, LYMPHIR. The company sold 6,818,182 shares of common stock and warrants at a price of $1.32 per share. Additionally, Citius Oncology completed a $9 million financing through a registered direct offering and concurrent private placement, involving 5,142,858 shares of common stock and warrants priced at $1.75 per share. The warrants will become exercisable in six months. Furthermore, Citius Oncology filed a prospectus supplement to update its registration statement on Form S-1, ensuring it remains current with recent financial disclosures. This action follows the company’s previous public offering and is necessary as they are not yet eligible to incorporate by reference into the Form S-1. In another development, Citius Oncology announced a distribution services agreement with Cencora for its FDA-approved immunotherapy, LYMPHIR. This agreement aims to expand LYMPHIR’s distribution network, with Cencora acting as a wholesale distributor.
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