Citius Pharmaceuticals, Inc. (OTCMKTS:CTXR) Files An 8-K Unregistered Sales of Equity Securities

Citius Pharmaceuticals, Inc. (OTCMKTS:CTXR) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities

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Citius Pharmaceuticals, Inc. (the “Company”) previously entered into convertible promissory notes with Leonard Mazur in an aggregate principal amount of $4,710,000 (the “Bridge Notes”). The Bridge Notes bear interest at the “Prime Rate” as published in the Wall Street Journal on the last day of each relevant month plus 1%. The aggregate principal balance of the Bridge Notes is convertible into shares of the Company’s common stock, at the sole discretion of Mr. Mazur, at a conversion price equal to 75% of the price per share paid by investors in the Company’s registered public offering.

On August 8, 2017, the Company closed a registered public offering at an offering price of $4.125 per share (the “Offering”) and Leonard Mazur converted all of the $4,710,000 of outstanding Bridge Notes and accrued interest of $76,240 into 1,547,067 shares of common stock at a conversion price per share of $3.09, equal to 75% of the price per share paid by investors in the Offering.

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

The foregoing description is a summary only, does not purport to set forth the complete terms of the Bridge Notes, and is qualified in its entirety by reference to the Form of Bridge Note filed as Exhibit 10.1 to the Company’s Form 10-Q for the fiscal quarter ended March 31, 2017 which is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.

Description of Exhibit

10.1

Future Advance Convertible Promissory Note dated May 10, 2017 between Leonard Mazur and the Company. (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q for the fiscal quarter ended March 31, 2017)


About Citius Pharmaceuticals, Inc. (OTCMKTS:CTXR)

Citius Pharmaceuticals, Inc., formerly Trail One, Inc., is a pharmaceutical company engaged in developing and commercializing therapeutic products. The Company focuses on developing formulations to manage the delivery and compliance of approved drugs. The Company offers Suprenza, an orally disintegrating tablet and an obesity drug that can be administered with water or dissolved on tongue. The Company also focuses on development of its product candidate, Hydrocortisone-Lidocaine Cream, which is in Phase II study. Its Hydrocortisone-Lidocaine Cream is used to provide anti-inflammatory and anesthetic relief to persons suffering from grade I and II hemorrhoids. Citius Pharmaceuticals, LLC is its subsidiary. The Company has not generated any revenues.

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