Citius Pharmaceuticals, Inc. (NASDAQ: CTXR), a specialty pharmaceutical company focused on adjunctive cancer care and critical care drug products, announced today that the Company mailed a letter to its shareholders updating them on recent developments, financial results, and new business opportunities. Highlights include:
- Successfully uplisted to Nasdaq stock exchange where the company will gain access to broader investor audience.
- Received positive response from the U.S. Food and Drug Administration (FDA) for phase 3 trial amendments of Mino-Lok™, our proprietary product that address a potential $750 millionsector.
- Secured funding of more than $26.8 million, including a recent raise of $6.8 million, with significant insider participation.
- Finalized the addition of South America to The Company's worldwide license for Mino-Lok™.
- Completed Phase 2a studies for Hydro-Lido, which could become the first FDA-approved product to address the estimated $500 million U.S. hemorrhoid marketplace.
"We are extremely pleased with the significant advancements that we have made and the foundation for long-term growth that we have established," stated Mr. Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals. "Having transitioned to a more senior exchange and completed key initiatives in advancing our unique technologies, we felt it necessary to provide a thorough update on the overall health and trajectory of the Company. We are confident, now that we now well-funded, to ideally be positioned as potential market leaders in two greatly underserved therapeutic areas. Management is committed to advancing the commercialization efforts of our products, Mino-Lok™ and Hydro-Lido, while remaining focused on our goal of improving shareholder value."
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.