Citius Pharmaceuticals Inc (OTCMKTS:CTXR) Files An 8-K

Citius Pharmaceuticals Inc (OTCMKTS:CTXR) executed a second demand promissory note in favor of Leonard Mazur (“Lender”) in the principal amount of $500,000 (the “Note”). The Note bears interest at the “Prime Rate” as published in the Wall Street Journal on the last day of the month plus 1%, and matures on the earlier of December 31, 2017 and demand by the Lender.

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The Board of Directors of the Company has authorized additional revolving demand promissory notes (the “Notes”) on substantially similar terms to the Note in favor of Lender, in a principal amount of up to $2.5 million, of which $1 million is now currently outstanding. As previously disclosed, the Company executed an initial demand note in favor of Lender in the principal amount $500,000 on September 7, 2016. The Notes shall be a revolving loan in the nature of a line of credit under which the Company may repeatedly draw or repay funds on a revolving basis for up to $2.5 million.

The Lender, Leonard Mazur, is our Executive Chairman and Secretary and a director of the Company.

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