Business
Citius Pharmaceuticals Completes Merger of Subsidiary with TenX Keane to form Citius Oncology, Inc.
LYMPHIR™ for the treatment of cutaneous T-cell lymphoma approved by the FDA Citius Pharmaceuticals, Inc. holds approximately 90% of publicly traded Citius
About this update from Citius Oncology, Inc.
[{"type":"text","content":"LYMPHIR™ for the treatment of cutaneous T-cell lymphoma approved by the FDA\nCitius Pharmaceuticals, Inc. holds approximately 90% of publicly traded Citius Oncology, Inc.\nShares of Citius Oncology, Inc. anticipated to begin trading on Nasdaq under the ticker \"CTOR\" on August 13, 2024 \nCRANFORD, N.J., Aug. 12, 2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc. (\"Citius Pharma\" or the \"Company\") (Nasdaq: CTXR), a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, today announced that it has completed the previously announced merger of its oncology subsidiary with TenX Keane Acquisition (\"TenX\") (Nasdaq: TENK), a publicly traded special purpose acquisition company. The combined company will operate as Citius Oncology, Inc. (\"Citius Oncology\") and is expected to begin trading on August 13, 2024 on the Nasdaq stock exchange under the ticker symbol CTOR.\n\"This transaction is a significant milestone, providing us greater financial and strategic flexibility to advance our late-stage assets. We believe a publicly traded Citius Oncology offers a unique pure play investment opportunity and is better positioned to unlock the value of LYMPHIR, which was approved by the FDA last week. With this transaction, we look forward to launching LYMPHIR, facilitating future growth initiatives, and exploring additional potential oncology assets. It is our intention to distribute of a portion of our shares of Citius Oncology to Citius Pharma shareholders in the future,\" stated Leonard Mazur, Chairman and CEO of Citius Pharma and Citius Oncology.\n\"This transaction also enables Citius Pharma to focus on growing and unlocking the value of other assets in its portfolio, including our novel Mino-Lok antibiotic lock solution which recently achieved primary and secondary endpoints in a Phase 3 Trial and is now another step closer to entering a $1.8 billion market,\" added Mazur.\nAs it has in the past, Citius Oncology will operate under a shared services agreement with Citius Pharma for the services of several key members of the Citius Pharma team, led by Leonard Mazur, Chief Executive Officer, Jaime Bartushak, Chief Financial Officer and Dr. Myron Czuczman, Chief Medical Officer. Myron Holubiak will serve as Executive Vice Chairman of the Citius Oncology Board of Dir...