Citius Pharmaceuticals, Inc. ("CTXR"), a specialty pharmaceutical company focused on adjunctive cancer care and critical care drug products, announced today that the Company completed an at-the-market offering for $5.3 million in gross proceeds, with insiders responsible for supporting over 37% of the raise. Mr. Leonard Mazur, Executive Chairman of Citius Pharmaceuticals, invested $1.8 millionand Mr. Myron Holubiak, President and CEO of Citius Pharmaceuticals, invested $200,000 in the Company to bring the deal into fruition.
"Management once again demonstrated its confidence in a very tangible way in Citius and its late stage development program," said Myron Holubiak, President and CEO. "We intend to use the capital from the raise towards our Phase 3 clinical trial for Mino-Lok, our Phase 2b clinical trial of Halobetasol-Lidocaine cream, and development of Mino-Wrap. This raise will continue progression towards critical milestones across all development programs."
"More than $24 million has now been invested into the Company privately by the founders and insiders since its inception, said Leonard Mazur, Executive Chairman of Citius Pharmaceuticals. "These insider stock purchases are a testament to our commitment to the company and our belief in its future success. I am confident that we have built a strong growth platform at Citius and I look forward to the many successes we will incur going forward."
Mino-Lok is an antibiotic lock solution consisting of three active ingredients that salvages infected central venous catheters in patients with CRBSIs, Halobetasol-Lidocaine cream, or CITI-002, is a topical treatment consisting of lidocaine and a corticosteroid candidate which aims to be the first and only FDA-approved prescription therapy for symptomatic relief of the pain and discomfort of hemorrhoids, and Mino-Wrap is a liquefying gel-based wrap containing minocycline and rifampin for reducing tissue expander (TE) infections following breast reconstructive surgeries.
Mino-Lok® is under investigation and not approved for commercial use.
About Citius Pharmaceuticals, Inc.
Citius is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products, with a focus on anti-infectives, cancer care and unique prescription products that use innovative, patented or proprietary formulations of previously-approved active pharmaceutical ingredients. We seek to achieve leading market positions by providing therapeutic products that address unmet medical needs; by using previously approved drugs with substantial safety and efficacy data, we seek to reduce the risks associated with pharmaceutical product development and regulatory requirements. Citius develops products that have intellectual property protection and competitive advantages to existing therapeutic approaches. For more information, please visit www.citiuspharma.com.
