CRANFORD, N.J., Aug. 5, 2020 /PRNewswire/ -- Citius
Pharmaceuticals, Inc. ("Citius" or the "Company") (Nasdaq: CTXR), a
specialty pharmaceutical company focused on developing and
commercializing critical care drug products, announced today that,
due to demand, the underwriter has agreed to increase the size of
the previously announced public offering and purchase on a firm
commitment basis 7,964,804 shares of common stock of the Company,
at a price to the public of $1.05 per
share, less underwriting discounts and commissions. The closing of
the offering is expected to occur on or about August 10, 2020, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The Company also has granted to the underwriter a 30-day option
to purchase up to an additional 1,194,720 shares of common stock at
the public offering price, less underwriting discounts and
commissions. The gross proceeds to Citius, before deducting
underwriting discounts and commissions and offering expenses and
assuming no exercise of the underwriter's option to purchase
additional common stock, are expected to be approximately
$8.4 million. The Company intends to
use the net proceeds from this offering for general corporate
purposes, including its Phase 3 clinical Mino-Lok® trial for the
treatment of catheter related bloodstream infections, development
of Mino-Wrap, its Phase 2b trial of
Halo-Lido cream for the treatment of hemorrhoids, its other product
development initiatives and working capital and capital
expenditures.
The shares of common stock are being offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-221492) originally filed with the Securities and Exchange
Commission (the "SEC") on November 9, 2017, and
declared effective by the SEC on December 15, 2017.
The offering of the shares of common stock is made only by means of
a prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A preliminary prospectus
supplement and accompanying prospectus relating to, and describing
the terms of, the offering have been filed with the SEC and are
available on the SEC's website at http://www.sec.gov. A final
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and, upon filing, may be
obtained on the SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by
telephone at (646) 975-6996 or e-mail at placements@hcwco.com.
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
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.
Safe Harbor
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 include, among others, statements
regarding the completion of the public offering, the satisfaction
of customary closing conditions related to the public offering and
the intended use of net proceeds from the public offering. Factors
that could cause actual results to differ materially from those
currently anticipated are: market and other conditions; our ability
to attract, integrate, and retain key personnel; our need for
substantial additional funds; the risk of successfully negotiating
within the option period a license agreement with Novellus, Inc.
for our planned Novecite therapy for ARDS; risks associated with
conducting clinical trials and drug development; the estimated
markets for our product candidates and the acceptance thereof by
any market; risks related to our growth strategy; risks relating to
the results of research and development activities; uncertainties
relating to preclinical and clinical testing; the early stage of
products under development; 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; patent
and intellectual property matters; 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.