Citius Pharmaceuticals announces $3M registered direct offering priced ATM

Citius Pharmaceuticals (CTXR) announced that it has entered into definitive agreements for the purchase of an aggregate of 743,496 shares of its common stock and accompanying warrants to purchase up to an aggregate of 743,496 shares of its common stock, at a purchase price of $4.035 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $3.91 per share, will be exercisable immediately upon issuance, and will expire five years from the initial exercise date. The closing of the offering is expected to occur on or about January 8, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the company from the offering are expected to be approximately $3M, before deducting the placement agent fees and other offering expenses payable by the company. The company 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.