Citius Pharmaceuticals Inc. closed its underwritten at-the-market offering to raise about $10 million in gross proceeds.
The Cranford, N.J.-based specialty pharmaceutical company offered 7,843,138 common shares at $1.275 each, complete with warrants to buy up to an equal number of additional stock.
The warrants issued are exercisable immediately at $1.15 per share.
Citius intends to use the net proceeds, about $8.8 million, for general corporate purposes, including its phase 3 clinical trial of Mino-Lok to treat catheter-related bloodstream infections and its phase 2b clinical trial of Citi-002 for treating hemorrhoids, and for working capital and capital expenditures.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.