Citius Pharmaceuticals Confirms No Exposure to Silicon Valley Bank

Rhea-AI Summary

Citius Pharmaceuticals (Nasdaq: CTXR) announced on March 13, 2023 that it has no cash or accounts with Silicon Valley Bank and has never had a business relationship with the bank. This statement may provide reassurance to investors regarding the company's financial stability amid recent concerns surrounding SVB. Citius specializes in the development of critical care products, particularly in oncology and anti-infectives, and is advancing multiple late-stage product candidates, including Mino-Lok® and I/ONTAK (E7777), which are under FDA review.

Positive

• No exposure to Silicon Valley Bank, mitigating financial risk.
• Multiple late-stage product candidates advancing towards commercialization.

Negative

• None.

News Market Reaction – CTXR

-5.61%

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-5.61% News Effect

On the day this news was published, CTXR declined 5.61%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CRANFORD, N.J., March 13, 2023 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius" or the "Company") (Nasdaq: CTXR) confirms that it does not hold any cash or maintain any accounts at Silicon Valley Bank (SVB), and has no current or prior business relationship with SVB.

About Citius Pharmaceuticals, Inc.

Citius is a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products, and stem cell therapies. The Company's diversified pipeline includes two late-stage product candidates, Mino-Lok®, an antibiotic lock solution for the treatment of patients with catheter-related bloodstream infections, which is currently enrolling patients in a Phase 3 Pivotal superiority trial, and I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in CTCL, for which a BLA is under review by the FDA.  Mino-Lok® was granted Fast Track designation by the FDA. I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and PTCL. In the first half of 2022, Citius initiated a Phase 2b trial for Halo-Lido, a topical formulation for the relief of hemorrhoids. For more information, please visit www.citiuspharma.com.

Investor Contact:

Ilanit Allen 
ir@citiuspharma.com 
908-967-6677 x113

 

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SOURCE Citius Pharmaceuticals, Inc.

FAQ

What did Citius Pharmaceuticals confirm about Silicon Valley Bank on March 13, 2023?

Citius Pharmaceuticals confirmed that it has no cash or accounts with Silicon Valley Bank and has never had a business relationship with the bank.

What is the focus of Citius Pharmaceuticals' product development?

Citius Pharmaceuticals focuses on critical care products, with a concentration on oncology and anti-infectives.

What are the late-stage product candidates of Citius Pharmaceuticals?

Citius has two late-stage product candidates: Mino-Lok®, an antibiotic lock solution, and I/ONTAK (E7777), an IL-2R immunotherapy.

Is Mino-Lok® in clinical trials?

Yes, Mino-Lok® is currently enrolling patients in a Phase 3 Pivotal superiority trial.

What is the status of I/ONTAK with the FDA?

I/ONTAK is under review by the FDA for an initial indication in CTCL and has received orphan drug designation.