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Citius Pharmaceuticals prices $10M underwritten stock offering

Cranford, N.J.-based Citius Pharmaceuticals Inc. priced a $10 million offering of securities.

The specialty pharmaceutical company will offer 7,843,138 shares at $1.275 each, complete with warrants to buy up to an equal number of additional stock.

The warrants will be exercisable immediately at $1.15 per share.

Citius intends to use the proceeds for its phase 3 clinical trial of Mino-Lok for the treatment of catheter-related bloodstream infections and its phase 2b clinical trial of Hydro-Lido cream for the treatment of hemorrhoids, and also for working capital and capital expenditures.

H.C. Wainwright & Co. LLC is acting as the sole book-running manager for the offering which is expected to close by Aug. 13.