Citius Pharmaceuticals (CTXR) Prices 50.83M Share Registered Direct Offering at $1.505/Sh

Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) today announced that it has entered into definitive agreements with certain healthcare-focused and institutional investors for the purchase of an aggregate of 50,830,566 shares of its common stock and accompanying warrants to purchase up to an aggregate of 25,415,283 shares of its common stock, at a purchase price of $1.505 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to take place on or about February 19, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants have an exercise price of $1.70 per share, will be immediately exercisable, and will expire five years from the issue date.

The aggregate gross proceeds to the Company from the offering are expected to be approximately $76.5 million, before deducting the placement agent fees and other offering expenses payable by the Company. Citius 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.

The securities described above are being offered pursuant to a "shelf" registration statement (File No. 333-248748) filed with the Securities and Exchange Commission (SEC) and declared effective on September 25, 2020, and an additional registration statement on Form S-3 (File No. 333-253179) filed on February 16, 2021 pursuant to Rule 462(b), which became effective automatically upon filing.

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