Business
Citius Pharmaceuticals, Inc. Reports Third Fiscal Quarter 2021 Financial Results and Provides General Business Update
$115.7 million in cash and cash equivalents as of June 30, 2021 to develop pipeline and invest in long-term growth Mino-Lok® Phase 3 superiority trial
About this update from Citius Pharmaceuticals, Inc.
[{"type":"text","content":"$115.7 million in cash and cash equivalents as of June 30, 2021 to develop pipeline and invest in long-term growth\n Mino-Lok® Phase 3 superiority trial advancing following independent Data Monitoring Committee recommendation to proceed without any modifications\n\n\nCRANFORD, N.J., Aug. 12, 2021 /PRNewswire/ -- Citius Pharmaceuticals, Inc. (\"Citius\" or the \"Company\") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on anti-infective products in adjunct cancer care, unique prescription products and stem cell therapy, today reported financial results for the third fiscal quarter of 2021 ended June 30, 2021, and provided a general business update.\n\n \n \n \n \n \n \n\n \nThird Fiscal Quarter 2021 and Recent Business Highlights\nReceived third positive recommendation from independent Data Monitoring Committee to continue the Mino-Lok® Phase 3 clinical superiority trial as planned without modifications; no safety concerns identified; Characterization and expansion of NoveCite's i-MSC accession cell bank (ACB) underway at Waisman Biomanufacturing at the University of Wisconsin-Madison to create a cGMP master cell bank (MCB); Received FDA guidance on proprietary Halo-Lido patient-reported outcome (PRO) tool; preparing to submit an investigational new drug (IND) application during the fourth quarter of 2021; Advanced Mino-Wrap chemistry, manufacturing and controls (CMC) development; Issued 11.2 million shares of Citius common stock upon the exercise of warrants during the quarter for aggregate proceeds of $16.9 million, and a total of $127.6 million in financing activities during the first half of 2021; Announced that on June 21, 2021 stockholders approved an increase in authorized shares from 210,000,000 to 410,000,000 and an increase in authorized common shares from 200,000,000 to 400,000,000; and, Reported $115.7 million in cash and cash equivalents as of June 30, 2021.\"During the quarter, we made progress with all of our programs despite the ongoing challenges of conducting preclinical work and clinical trials during the extended COVID-19 pandemic. We remain encouraged by the positive recommendation of the independent DMC to continue the Mino-Lok® Phase 3 pivotal superiority trial as planned and are fully committed to submitti...