Business
Citius Pharmaceuticals, Inc. Reports Fiscal Third Quarter 2024 Financial Results and Provides Business Update
Granted FDA approval of LYMPHIR™ for the treatment of cutaneous T-cell lymphoma Completed merger of oncology subsidiary with TenX Keane; Citius Oncology
About this update from Citius Pharmaceuticals, Inc.
[{"type":"text","content":"Granted FDA approval of LYMPHIR™ for the treatment of cutaneous T-cell lymphoma\nCompleted merger of oncology subsidiary with TenX Keane; Citius Oncology expected to begin trading on Nasdaq on August 13, 2024, under ticker CTOR\nAchieved primary and secondary endpoints of Mino-Lok® Phase 3 Trial\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 reported business and financial results for the fiscal third quarter 2024 ended June 30, 2024.\nThird Quarter 2024 Business Highlights and Subsequent Developments\nAnnounced FDA Approval of LYMPHIR™ (denileukin diftitox-cxdl), an immunotherapy for the treatment of cutaneous T-cell lymphoma (CTCL);Completed the merger of our wholly owned subsidiary with TenX Keane to form publicly listed Citius Oncology, Inc. on August 12, 2024; trading of Citius Oncology, Inc. (Nasdaq: CTOR) stock expected to begin on August 13, 2024;Achieved primary and secondary endpoints in Phase 3 Pivotal Trial of Mino-Lok®, designed to salvage central venous catheters in patients with catheter-related bloodstream infections;Onboarded National Sales Director to recruit and lead the sales organization in preparation for the anticipated launch of LYMPHIR;Continued engagement with the FDA following end of Phase 2b meeting to determine next steps in the development of Halo-Lido for the treatment of hemorrhoids; and,Completed $15 million registered direct offering in April 2024.Financial Highlights\nCash and cash equivalents of $17.9 million as of June 30, 2024;$15 million in gross proceeds from a registered direct offering on April 30, 2024, extends the Company's cash runway through December 2024;R&D expenses were $2.8 million and $9.0 million for the three and nine months ended June 30, 2024, respectively, compared to $3.8 million and $11.9 million for the three and nine months ended June 30, 2023, respectively;G&A expenses were $4.8 million and $12.8 million for the three and nine months ended June 30, 2024, respectively, compared to $3.7 million and $11.1 million for the three and nine months ended June 30, 2023, respectively;Stock-based compensation expense was $3.1 million and $9.2 million for the three...