Citius Pharmaceuticals Grabs $3.8 Million from New Jersey's Economic Development Initiative

Citius Pharmaceuticals Gains Financial Momentum with New Funding

Citius Pharmaceuticals, Inc. has announced a significant financial boost, securing $3.8 million through New Jersey's Economic Development Program, specifically the Technology Business Tax Certificate Transfer Program (commonly known as the Net Operating Loss or NOL Program). This funding comes as a non-dilutive capital injection, meaning it will not require the company to issue new shares, thus protecting shareholders' equity.

As a biopharmaceutical firm dedicated to creating innovative products for critical care, Citius is already reaping the benefits of this funding. Chief Financial Officer Jaime Bartushak emphasized, "We are pleased to again participate in New Jersey's NOL Program, allowing us to convert net operating losses into valuable financial resources. This funding enhances our balance sheet and provides financial flexibility to execute our strategy effectively."

Citius is dedicated to advancing its portfolio, which includes the commercial launch of LYMPHIR, a targeted immunotherapy designed to treat adults with relapsed or refractory Stage I–III CTCL (Cutaneous T-Cell Lymphoma) who have undergone at least one prior systemic therapy. The company aims to push forward its late-stage pipeline, which features Mino-Lok®, a catheter lock solution aimed at salvaging catheters in patients experiencing related bloodstream infections, as well as CITI-002 (Halo-Lido), a topical formulation targeting hemorrhoid relief.

The NOL Program is designed to assist biotechnological and technology companies like Citius Pharma by allowing them to sell unused net operating losses and tax credits to profitable corporate taxpayers in New Jersey. This initiative not only contributes to the financial well-being of businesses but also strengthens the overall economic environment in the state, fostering innovation and growth.

The New Jersey Economic Development Authority (NJEDA) plays a vital role in this ecosystem, striving to enhance the economic vitality and quality of life across the state. By focusing on inclusive and sustainable economic development, the NJEDA facilitates initiatives that enable companies to build robust operations and provide quality jobs to New Jersey residents.

While the healthcare landscape continues to evolve, Citius Pharmaceuticals remains committed to its goal of delivering vital treatments that improve patient outcomes. The firm is actively engaging with the FDA to determine the next steps for both LYMPHIR and its other pipeline products. After meeting the primary and secondary endpoints in clinical trials for Mino-Lok, optimism runs high regarding potential FDA approvals.

This financial momentum not only sets Citius on a positive trajectory but also exemplifies the collaborative efforts between the company and state agencies, showcasing how strategic partnerships can lead to growth and sustainability in the healthcare sector. As Citius Pharma continues to innovate and develop, it does so with the promise of advanced therapies that hold the potential to make a significant impact on the lives of patients in need.

To learn more about the various initiatives and resources available to businesses like Citius, stakeholders are encouraged to visit the NJEDA website or contact their customer service for additional information on how such funding opportunities can propel biopharmaceutical innovations forward.