Source: Citius Pharmaceuticals, Inc.
Citius Pharmaceuticals, Inc.,"Citius" (OTCQB: CTXR) or the "Company", today announced that Chairman and CEO Leonard Mazur has purchased 5 million of its restricted shares from the Company for $3 million dollars. This substantial investment will enable the Company to continue its development efforts across its product portfolio, and to build the infrastructure necessary to support multiple product development efforts.
"I am extremely excited about
the prospects of the Company, and believe that we have a strong
portfolio in different, progressive stages of development," said Mr.
Mazur. "Going forward, Citius will use the proceeds to assist operations
and develop specialty pharmaceuticals that address unmet medical needs.
In some cases, we will be the only drug product being developed in its
respective area Citius now has the team and the assets in place to
execute on our strategic business plan."
About Citius Pharmaceuticals, Inc.
Citius is a specialty
pharmaceutical company dedicated to the development and
commercialization of therapeutic products for large and growing markets
using innovative, patented or proprietary formulations of previously
approved pharmaceutical products. We seek new and expanded indications
for previously approved pharmaceutical products as a means to achieving
leading market positions or potential market exclusivity. By using
previously approved drugs with substantial safety and efficacy data, we
seek to reduce the risks associated with pharmaceutical product
development. We seek to achieve these objectives by utilizing the U.S.
Food and Drug Administration's, or FDA's, 505(b)(2) pathway for our new
drug approvals. We believe this pathway is comparatively faster, lower
risk and less expensive than the FDA's traditional new drug approval
pathway. In addition, we focus on obtaining intellectual property
protection with the objective of listing relevant patents in the FDA
Orange Book in order to limit generic competition.
No comments:
Post a Comment