Citius Pharmaceuticals, Inc. (NASDAQ:CTXR) shares are trading lower Tuesday after the company announced a $15.8 million registered direct offering.
What To Know: The company plans to use the proceeds to support the commercial launch of LYMPHIR, as well as for general corporate purposes.
The company is raising $6 million upfront through the sale of 4.92 million shares of common stock and accompanying short-term warrants, priced at $1.22 per share. The company may raise up to an additional $9.8 million if the warrants are fully exercised.
The offering is priced at-the-market under Nasdaq rules and is expected to close on or about June 11 subject to customary closing conditions.
Separately, D. Boral Capital analyst Jason Kolbert maintained a Buy rating on Citius and lowered the price target from $9 to $6.
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CTXR Price Action: At the time of writing, Citius shares are trading 26.3% lower at $1.01, according to data from Benzinga Pro.
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