Citius Pharmaceuticals Moving Forward With Spin Out Efforts For New Public Company For I/ONTAK

• Maxim Group to serve as financial advisor in the spin out of Citius Pharmaceutical’s oncology asset, I/ONTAK,  into a standalone publicly-traded company.
• The FDA is reviewing the biologics license application (BLA) for I/ONTAK's, with a targeted action date set for July 28, 2023. Citius aims to maximize I/ONTAK's value and advance its pipeline, subject to all customary approvals.

Late-stage biopharmaceutical company Citius Pharmaceuticals CTXR has announced that Maxim Group will serve as a financial advisor to its wholly-owned subsidiary, Citius Acquisition Corp. Inc., in the formation of a publicly-traded entity that will focus on the commercialization and growth of Citius' oncology asset, I/ONTAK.

The US Food and Drug Administration is currently reviewing a biologics license application for I/ONTAK, with a targeted decision date of July 28, 2023.

Citius CEO Leonard Mazur stated that the company is committed to maximizing the value of I/ONTAK and advancing its pipeline. Maxim Group was selected for its strong track record in executing strategic and financial transactions in the life science sector.

Any transactions will be subject to customary conditions, regulatory approvals, SEC filings, and Board of Directors approvals. Upon closing of the transactions, Citius will continue to trade on the Nasdaq exchange under its current ticker CTXR.

Image sourced from Shutterstock

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.