Feb 16, 2021
[2 min Read]
Analyst Price Target of $6.00 by end of 2021 but it could be sooner
Recent Press Release
Citius Pharmaceuticals, Inc. a specialty pharmaceutical company developing and commercializing critical care drug products, today issued a shareholder letter providing a corporate update on the Company's recent achievements and anticipated milestones for 2021.
2021 Expected to be a Banner Year for Advancing Three Product Platforms in the Clinic:
-NoveCite subsidiary progressing with: continued data collection from an ongoing proof-of-concept sheep ARDS model; initiating the manufacture of clinical-grade induced-mesenchymal stem cells (i-MSCs); and implementation of FDA-required animal GLP toxicology studies
Private placement for gross proceeds of $20.0 million and investors' exercise of warrants generating $4.5 million in gross proceeds completed in January 2021 and February 2021, respectively
Statement from CEO
"Our important achievements against the COVID headwinds last year give us great confidence that 2021 will be a banner year for advancing our three product platforms in the clinic, and our corporate decision to commence the development of NoveCite next-generation cellular therapies further expands our goal as a specialty pharmaceutical company dedicated to the development and commercialization of therapeutic products for significant unmet medical needs" said Myron Holubiak, President and CEO of Citius Pharmaceuticals. "Our advanced clinical program for Mino-Lok is moving forward with expected full enrollment for the Phase 3 pivotal trial this year. For Halo-Lido, we expect to file an Investigational New Drug Application (IND) for the combination by the second quarter and initiate our Phase 2b trial by year-end. We also plan to start pre-clinical pharmacology and toxicology studies for Mino-Wrap within the next few months along with chemistry, manufacturing and controls (CMC) development, and we target filing an IND by the end of 2021. In addition to the plans described above for our NoveCite i-MSCs Program, we plan to submit an IND to the FDA and initiate our Phase 1 first-in-human clinical trial in COVID-19 ARDS by the end of the second quarter of 2022. Our recent $20 million private round of financing and investors' exercise of warrants for net proceeds of approximately $4.5 million provides significant financial runway to move forward with our three programs in the clinic, as well as manufacturing development for our unique induced-mesenchymal stem cell therapy for ARDS associated with COVID-19. We are excited about the road ahead and thankful as always for the ongoing support of our shareholders."