Citius Pharmaceuticals closes $6 million direct offering

Citius Pharmaceuticals Inc. (NASDAQ: CTXR) completed a registered direct offering that raised approximately $6.0 million in gross proceeds, the biopharmaceutical company announced.

The offering involved the sale of 3,973,510 shares of common stock and accompanying warrants at $1.51 per share. The warrants carry an exercise price of $1.40 per share, are exercisable immediately, and expire five years from the initial exercise date.

H.C. Wainwright & Co. served as the exclusive placement agent for the transaction. The offering was priced at-the-market under Nasdaq rules.

The company stated it intends to use the net proceeds to support the commercial launch of LYMPHIR, including milestone and regulatory payments, development initiatives for product candidates, and general corporate purposes.

The securities were offered under a shelf registration statement filed with the Securities and Exchange Commission on February 23, 2024, and declared effective on March 1, 2024.

Citius Pharmaceuticals develops critical care products. The FDA approved LYMPHIR in August 2024 as a targeted immunotherapy for treating cutaneous T-cell lymphoma. The company's pipeline includes Mino-Lok, an antibiotic lock solution, and CITI-002, a topical formulation for hemorrhoid relief. Citius owns 79% of Citius Oncology, Inc. (NASDAQ: CTOR).

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