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Citius Pharmaceuticals to raise $7M to fund clinical studies

Citius Pharmaceuticals Inc. priced its $7 million public offering of its securities to fund clinical studies.

The Cranford, N.J.-based pharmaceutical company is offering 7,821,230 units at 89.51 cents apiece. Each unit consists of one common share and one common warrant exercisable at 77 cents each, to purchase an additional common share. Warrants will expire after 5 years from the date of issuance.

Citius intends to use the net proceeds from the offering to fund its phase 3 study for the treatment of catheter-related bloodstream infections, to cover regulatory expenses for its product Mino-Wrap and for a phase 2b study of its Hydro-Lido cream for treating hemorrhoids. Funds will also be used for general corporate purposes, working capital and capital expenditures.

The company has given the underwriter a 30-day option to purchase up to an additional 1,173,184 common shares and/or warrants.

H.C. Wainwright & Co. LLC is the book-running manager for the offering, which is expected to close on or by Sept. 27 and is subject to conditions.