Citius Pharmaceuticals Issues 5,076,143 Shares at $0.985 Each

Citius Pharmaceuticals announced that it has entered into a definitive agreement for the purchase of an aggregate of 5,076,143 shares of its common stock at a purchase price of 98.5c per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company will issue unregistered warrants to purchase up to 5,076,143 shares of common stock at an exercise price of 86c per share that will be exercisable immediately upon issuance and will expire five years following the effective date of a registration statement registering the shares issuable upon exercise of the warrants. The closing of the offering is expected to occur on or about April 24, subject to the satisfaction of customary closing conditions. The aggregate gross proceeds to the company from the offering are expected to be approximately $5M, before deducting the placement agent fees and other offering expenses payable by the company. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.