Citius Pharmaceuticals Completes $6 Million Direct Offering to Fuel Growth
Citius Pharmaceuticals Inc., a biopharmaceutical firm listed on Nasdaq under the ticker CTXR, has successfully closed a registered direct offering valued at $6 million. This important move, carried out under Nasdaq regulations, allows the purchase of around 3,973,510 shares of common stock, priced at $1.51 each, or pre-funded warrants in lieu, alongside common warrants for the same number of shares. The exercise price for these common warrants stands at $1.40, and they can be exercised immediately upon issuance, remaining valid for five years from the initial exercise date. The placement was exclusively managed by H.C. Wainwright & Co., which played a crucial role in facilitating this significant capital raising event.
With the offering generating gross proceeds of approximately $6 million before fees and other expenses, Citius Pharmaceuticals intends to allocate the net proceeds towards the commercial launch of its flagship product, LYMPHIR™, a targeted immunotherapy recently approved by the FDA for treating cutaneous T-cell lymphoma. The funds will also support milestone payments, regulatory requirements, and development initiatives for the company’s product pipeline, underscoring its commitment to advancing innovative treatments.
This offering was made possible through a 'shelf' registration statement that was filed with the Securities and Exchange Commission (SEC) on February 23, 2024, and was declared effective on March 1, 2024. Interested parties can access the prospectus and accompanying documents related to this offering via the SEC’s website or directly contact H.C. Wainwright & Co. in New York for more information.
Citius Pharma is dedicated to developing first-in-class critical care products, with LYMPHIR being a notable addition following its FDA approval in August 2024. Beyond LYMPHIR, the company’s pipeline includes several promising candidates such as Mino-Lok®, an antibiotic lock solution aimed at managing catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation targeting hemorrhoid relief. In 2023, pivotal trials for Mino-Lok and Phase 2b trials for Halo-Lido were completed successfully. Mino-Lok exhibited satisfactory results, meeting both its primary and secondary endpoints, leading to active discussions with the FDA about its next steps.
The burgeoning pipeline reflects Citius Pharma’s proactivity in addressing critical medical needs and demonstrates its capability to innovate in the competitive biopharmaceutical landscape. With this recent offering, the company is not only strengthening its financial standing but also gearing up for substantial growth and advancement in its therapeutic offerings.
In a landscape characterized by rapid advancements and challenges, Citius Pharmaceuticals strives to harness its resources effectively to bolster its position in the market. The company emphasizes a conscientious approach towards utilizing the generated funds to ensure strategic growth and to fulfill its broader vision of enhancing patient care and outcomes through groundbreaking therapies. As they navigate through development phases and regulatory pathways, the focus remains firmly painted on patient-centric solutions, showcasing the overarching goal of improving the quality of life for affected populations. In conclusion, this direct offering marks a pivotal moment for Citius Pharmaceuticals, providing both the capital needed to propel their innovative solutions into the market and a strengthened commitment towards addressing critical healthcare challenges.
With the offering generating gross proceeds of approximately $6 million before fees and other expenses, Citius Pharmaceuticals intends to allocate the net proceeds towards the commercial launch of its flagship product, LYMPHIR™, a targeted immunotherapy recently approved by the FDA for treating cutaneous T-cell lymphoma. The funds will also support milestone payments, regulatory requirements, and development initiatives for the company’s product pipeline, underscoring its commitment to advancing innovative treatments.
This offering was made possible through a 'shelf' registration statement that was filed with the Securities and Exchange Commission (SEC) on February 23, 2024, and was declared effective on March 1, 2024. Interested parties can access the prospectus and accompanying documents related to this offering via the SEC’s website or directly contact H.C. Wainwright & Co. in New York for more information.
Citius Pharma is dedicated to developing first-in-class critical care products, with LYMPHIR being a notable addition following its FDA approval in August 2024. Beyond LYMPHIR, the company’s pipeline includes several promising candidates such as Mino-Lok®, an antibiotic lock solution aimed at managing catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation targeting hemorrhoid relief. In 2023, pivotal trials for Mino-Lok and Phase 2b trials for Halo-Lido were completed successfully. Mino-Lok exhibited satisfactory results, meeting both its primary and secondary endpoints, leading to active discussions with the FDA about its next steps.
The burgeoning pipeline reflects Citius Pharma’s proactivity in addressing critical medical needs and demonstrates its capability to innovate in the competitive biopharmaceutical landscape. With this recent offering, the company is not only strengthening its financial standing but also gearing up for substantial growth and advancement in its therapeutic offerings.
In a landscape characterized by rapid advancements and challenges, Citius Pharmaceuticals strives to harness its resources effectively to bolster its position in the market. The company emphasizes a conscientious approach towards utilizing the generated funds to ensure strategic growth and to fulfill its broader vision of enhancing patient care and outcomes through groundbreaking therapies. As they navigate through development phases and regulatory pathways, the focus remains firmly painted on patient-centric solutions, showcasing the overarching goal of improving the quality of life for affected populations. In conclusion, this direct offering marks a pivotal moment for Citius Pharmaceuticals, providing both the capital needed to propel their innovative solutions into the market and a strengthened commitment towards addressing critical healthcare challenges.
Topics Health）
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