Citius Pharma to spinoff its immunotherapy I/ONTAK into a new publicly-traded company
May 25, 2022 9:05 AM ETCitius Pharmaceuticals, Inc. (CTXR)By: Anuron Mitra, SA News Editor2 Comments
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- Late-stage biopharmaceutical company Citius Pharmaceuticals (NASDAQ:CTXR) on Wednesday said it plans to split into two separate publicly-traded entities.
- CTXR said it would form a new company focused on developing and commercializing its therapy I/ONTAK for the treatment of rare forms of cancer, with an (IPO) planned for H2 2022.
- A late stage trial was completed for I/ONTAK in Dec. 2021, and a biologics license application is being planned to be submitted in H2.
- Citius' other pipeline assets, including Mino-Lok, its solution for treating bloodstream infections caused by catheters, would remain at the company, and it would continue to trade on Nasdaq.
- "We believe that the market has not adequately valued the potential of our recent I/ONTAK licensing agreement," said CTXR CEO Leonard Mazur.
- CTXR stock +3.4% to $1.00 in premarket trading.