Citius Pharma Sells Mino-Lok to NovaBay for $10M Upfront
Ticker: CTXR · Form: 8-K · Filed: Dec 20, 2024 · CIK: 1506251
Sentiment: neutral
Topics: divestiture, asset-sale, pharmaceuticals
Related Tickers: NBY
TL;DR
Citius Pharma selling Mino-Lok to NovaBay for $10M upfront. Focus shift incoming.
AI Summary
Citius Pharmaceuticals, Inc. announced on December 18, 2024, that it has entered into a definitive agreement to sell its Mino-Lok® product candidate to NovaBay Pharmaceuticals, Inc. for an upfront payment of $10 million, plus potential milestone payments and royalties. This transaction is expected to close in the first quarter of 2025.
Why It Matters
This divestiture allows Citius Pharmaceuticals to focus on its remaining pipeline assets, potentially streamlining operations and resource allocation for future development.
Risk Assessment
Risk Level: medium — The transaction's success depends on closing conditions and future milestone achievements, introducing execution risk.
Key Numbers
- $10.0M — Upfront Payment (Cash received by Citius Pharmaceuticals from NovaBay Pharmaceuticals for Mino-Lok®.)
Key Players & Entities
- Citius Pharmaceuticals, Inc. (company) — Seller
- NovaBay Pharmaceuticals, Inc. (company) — Buyer
- Mino-Lok® (product) — Product candidate being sold
- $10 million (dollar_amount) — Upfront payment
- December 18, 2024 (date) — Date of agreement
- first quarter of 2025 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces Citius Pharmaceuticals, Inc.'s definitive agreement to sell its Mino-Lok® product candidate to NovaBay Pharmaceuticals, Inc.
What is the upfront payment for the sale of Mino-Lok®?
The upfront payment for the sale of Mino-Lok® is $10 million.
Who is acquiring Mino-Lok® from Citius Pharmaceuticals?
NovaBay Pharmaceuticals, Inc. is acquiring Mino-Lok® from Citius Pharmaceuticals.
When is the expected closing date for this transaction?
The transaction is expected to close in the first quarter of 2025.
Are there any potential additional payments beyond the upfront amount?
Yes, the agreement includes potential milestone payments and royalties in addition to the upfront payment.
Filing Stats: 421 words · 2 min read · ~1 pages · Grade level 12.2 · Accepted 2024-12-20 16:30:07
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value CTXR Nasdaq Capital Marke
- $1.00 — the Company's common stock has been at $1.00 per share or greater, and accordingly,
Filing Documents
- ea0225393-8k_citius.htm (8-K) — 22KB
- 0001213900-24-111212.txt ( ) — 190KB
- ctxr-20241218.xsd (EX-101.SCH) — 3KB
- ctxr-20241218_lab.xml (EX-101.LAB) — 33KB
- ctxr-20241218_pre.xml (EX-101.PRE) — 22KB
- ea0225393-8k_citius_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On December 18, 2024, Citius Pharmaceuticals, Inc. (the "Company") received written notice of compliance from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") stating that for 12 consecutive trading days, from November 26, 2024 to December 12, 2024, the closing bid price of the Company's common stock has been at $1.00 per share or greater, and accordingly, the Company regained compliance with Nasdaq Listing Rule 5550(a)(2). Nasdaq informed the Company in the compliance notice that it now considered this matter closed. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CITIUS PHARMACEUTICALS, INC. Date: December 20, 2024 /s/ Leonard Mazur Leonard Mazur Chairman and Chief Executive Officer