CRANFORD, N.J., Feb. 19, 2021 /PRNewswire/ -- Citius
Pharmaceuticals, Inc. (Nasdaq: CTXR) ("Citius" or the "Company"), a
specialty pharmaceutical company focused on developing and
commercializing critical care drug products, today announced that
it has closed its previously announced sale of an aggregate of
50,830,566 shares of its common stock and accompanying warrants to
purchase up to an aggregate of 25,415,283 shares of its common
stock, at a purchase price of $1.505
per share and accompanying warrant in a registered direct offering
priced at-the-market under Nasdaq rules.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The warrants have an exercise price of $1.70 per share, are immediately exercisable, and
will expire five years from the issue date.
The aggregate gross proceeds to the Company from the offering
are approximately $76.5 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 were offered pursuant to a
"shelf" registration statement (File No. 333-248748) filed with the
Securities and Exchange Commission (SEC) and declared effective on
September 25, 2020, and an additional
registration statement on Form S-3 (File No. 333-253179) filed on
February 16, 2021 pursuant to Rule
462(b), which became effective automatically upon filing. The
offering was 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 that were offered has been
filed with the SEC and is 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 in the
offering may also be obtained 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 specialty pharmaceutical company
dedicated to the development and commercialization of critical care
products, with a focus on anti-infectives and cancer care. 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 intended use of net proceeds
from the registered direct offering. Factors that could cause
actual results to differ materially from those currently
anticipated are: 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.
Contact:
Andrew Scott
Vice President, Corporate Development
(O) 908-967-6677 x105
ascott@citiuspharma.com
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SOURCE Citius Pharmaceuticals, Inc.