Citius Pharmaceuticals Secures $3 Million Through Stock Offering

Citius Pharmaceuticals Secures $3 Million Through Stock Offering

Citius Pharmaceuticals Inc. (NASDAQ: CTXR) has made a significant move in the market by announcing a registered direct offering to raise $3 million. This offering will involve purchasing a total of 12 million shares of the company's common stock, accompanied by warrants to purchase an additional 12 million shares. The offering price for these shares has been set at $0.25 each.

Details of the Offering

The associated warrants will also have an exercise price of $0.25 per share. They will be exercisable immediately upon issuance and will remain valid for five years. The entire process surrounding the offering is expected to close shortly, pending the usual closing conditions typically seen in such financial actions.

Role of Placement Agent

Notably, H.C. Wainwright & Co. has been appointed as the exclusive placement agent for this endeavor. Their expertise in such transactions is sure to facilitate a smooth process for Citius Pharmaceuticals.

Planned Use of Proceeds

The gross proceeds from this offering will primarily assist with various corporate functions. Citius Pharmaceuticals intends to allocate these funds toward both pre-clinical and clinical development of their promising product candidates. Additionally, these funds will support working capital and capital expenditures, essential for the company’s ongoing projects.

Upcoming Developments and Product Pipeline

Citius Pharma is actively engaged in advancing its product pipeline which includes innovative treatments. Their latest development involves LYMPHIR, a groundbreaking targeted immunotherapy treatment that recently gained FDA approval for cutaneous T-cell lymphoma. Moreover, Citius Pharmaceuticals is working on Mino-Lok®, aimed at preventing catheter-related bloodstream infections, and CITI-002 (Halo-Lido), formulated for hemorrhoid relief. Both Mino-Lok and CITI-002 have shown positive results in their respective trials, demonstrating the efficacy required by regulatory bodies.

About Citius Pharmaceuticals

Dedicated to developing critical care products, Citius Pharmaceuticals has positioned itself as a key player in the biopharmaceutical arena. The company holds a remarkable 92% stake in Citius Oncology, expanding its footprint in the oncology sector. With promising developments on the horizon, their ongoing work, including engagement with the FDA, places them in a strong position for future growth.

Investor Relations

For investors looking for more information, the company encourages direct communication through their designated representatives. Citius Pharmaceuticals remains transparent about their initiatives and progress.

Frequently Asked Questions

What is the reason behind Citius Pharmaceuticals' recent offering?

The company aims to strengthen its financial position by raising funds to support clinical developments and other operational costs.

How much capital is Citius Pharmaceuticals looking to raise?

The company has announced a targeted $3 million through this registered direct offering.

What are some of the products in Citius Pharmaceuticals' pipeline?

Citius Pharma's pipeline includes LYMPHIR, Mino-Lok®, and CITI-002 (Halo-Lido) among other innovative therapies.

Who is the exclusive placement agent for this offering?

H.C. Wainwright & Co. has been appointed as the exclusive placement agent for the stock offering.

How does Citius plan to use the proceeds from the offering?

Proceeds will be mainly used for clinical development, working capital, and capital expenditures associated with their ongoing projects.

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