CRANFORD, N.J., Feb. 17, 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 entered into definitive agreements with certain
healthcare-focused and institutional investors for the purchase 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.
The closing of the offering is expected to take place on or about
February 19, 2021, 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 $1.70 per share, will be immediately exercisable,
and will expire five years from the issue date.
The aggregate gross proceeds to the Company from the offering
are expected to be 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 are being 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 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 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 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 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.