Source: Citius Pharmaceuticals, Inc. 9/27/19
Citius Pharmaceuticals, Inc. ("Citius") ("Company") (NASDAQ: CTXR),
a specialty pharmaceutical company focused on adjunctive cancer care
and critical care drug products, today announced the closing of the
previously announced underwritten at-the-market offering of 7,821,230
shares of its common stock (Common Stock) (or Common Stock equivalent)
and common warrants to purchase up to an aggregate of 7,821,230 shares
of Common Stock (the Offering). Each share of Common Stock (or Common
Stock equivalent) was sold together with a common warrant to purchase
one share of Common Stock at a combined effective price of $0.8951
per share and accompanying common warrant. The Company has granted the
underwriter a 30-day option to purchase up to an additional 1,173,184
shares of Common Stock and/or common warrants to purchase up to
1,173,184 shares of Common Stock.
H.C. Wainwright & Co. acted as the sole book-running manager for the Offering.
The gross proceeds of the Offering were approximately $7.0 million and the net proceeds from the Offering were approximately $6.1 million,
after deducting underwriting discounts and commissions and other
offering expenses. Citius intends to use the net proceeds from the
Offering for general corporate purposes, including its Phase 3 clinical
Mino-Lok trial for the treatment of catheter related bloodstream
infections, the investigational new drug (IND) regulatory pathway for
Mino-Wrap and its Phase 2b clinical trial of Halo-Lido cream for the treatment of hemorrhoids, and working capital and capital expenditures.
The common warrants issued in the Offering are exercisable immediately at an exercise price of $0.77 per share and will expire five years from the date of issuance.
A registration statement on Form S-1 (File No. 333-233759) relating
to the securities was declared effective by the U.S. Securities and
Exchange Commission (SEC) on September 24, 2019.
The Offering was made only by means of a prospectus forming part of the
effective registration statement. A final prospectus relating to and
describing the terms of the Offering has been filed with the SEC.
Electronic copies of the final prospectus relating to the Offering may
be obtained for free by visiting the SEC's website at www.sec.gov or from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at placements@hcwco.com or by telephone at 646-975-6996.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Citius Pharmaceuticals, Inc.
Citius is a specialty pharmaceutical company dedicated to the
development and commercialization of critical care products, with a
focus on anti-infectives, cancer care and unique prescription products
that use innovative, patented or proprietary formulations of
previously-approved active pharmaceutical ingredients. We seek to
achieve leading market positions by providing therapeutic products that
address unmet medical needs; by using previously approved drugs with
substantial safety and efficacy data, we seek to reduce the risks
associated with pharmaceutical product development and regulatory
requirements. Citius develops products that have intellectual property
protection and competitive advantages to existing therapeutic
approaches. For more information, please visit www.citiuspharma.com.
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