CRANFORD, N.J., May 4, 2023
/PRNewswire/ -- Citius Pharmaceuticals Inc. (Nasdaq: CTXR)
("Citius" or the "Company"), a late-stage biopharmaceutical company
dedicated to the development and commercialization of
first-in-class critical care products, today announced that it has
entered into definitive agreements with certain healthcare-focused
and institutional investors for the purchase of an aggregate of
12,500,001 shares of its common stock and accompanying warrants to
purchase up to an aggregate of 12,500,001 shares of its common
stock, at a purchase price of $1.20
per share and accompanying warrant in a registered direct offering.
The closing of the offering is expected to occur on or about
May 8, 2023, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The warrants have an exercise price of $1.50 per share, will be exercisable six months
from the date of issuance, and will expire five years from the date
of issuance.
The aggregate gross proceeds to the Company from the offering
are expected to be approximately $15
million, before deducting the placement agent fees and other
offering expenses payable by the Company. Citius currently intends
to use the net proceeds from the offering for general corporate
purposes, including pre-clinical and clinical development of our
product candidates and working capital and capital
expenditures.
The securities described above are being offered pursuant to a
"shelf" registration statement (File No. 333-255005) filed with the
Securities and Exchange Commission (SEC) and declared effective on
April 16, 2021. The offering is being
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and the accompanying prospectus
relating to the securities being offered will be filed with the SEC
and be available at the SEC's website at www.sec.gov. Electronic
copies of the final prospectus supplement and the accompanying
prospectus relating to the securities being offered may also be
obtained, when available, by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996
or emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or 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 jurisdiction.
About Citius Pharmaceuticals, Inc.
Citius is a late-stage biopharmaceutical company dedicated to
the development and commercialization of first-in-class critical
care products, with a focus on oncology, anti-infectives in adjunct
cancer care, unique prescription products, and stem cell therapies.
For more information, please visit www.citiuspharma.com.
Forward Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future
events impacting Citius. You can identify these statements by the
fact that they use words such as "will," "anticipate," "estimate,"
"expect," "should," and "may" and other words and terms of similar
meaning or use of future dates. Forward-looking statements are
based on management's current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock price, and
includes all statements related to the completion of the registered
direct offering, the satisfaction of customary closing conditions
related to the registered direct offering and the intended use of
net proceeds from the registered direct offering. Factors
that could cause actual results to differ materially from those
currently anticipated, include, without limitation: risks related
to the closing of the offering; market and other conditions; our
ability to successfully undertake and complete clinical trials and
the results from those trials for our product candidates; our need
for substantial additional funds; risks relating to the results of
research and development activities; uncertainties relating to
preclinical and clinical testing; the early stage of products under
development; the estimated markets for our product candidates and
the acceptance thereof by any market; risks related to our growth
strategy; patent and intellectual property matters, our ability to
attract, integrate, and retain key personnel; our ability to
obtain, perform under and maintain financing and strategic
agreements and relationships; our ability to identify, acquire,
close and integrate product candidates and companies successfully
and on a timely basis; our dependence on third-party suppliers;
government regulation; competition; as well as other risks
described in our SEC filings. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
Investor Contact:
Ilanit
Allen
ir@citiuspharma.com
908-967-6677 x113
Media Contact:
STiR-communications
Greg Salsburg
Greg@STiR-communications.com
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SOURCE Citius Pharmaceuticals, Inc.