Brief: Citius Pharma To Spinoff Late-Stage Oncology Asset, I/ONTAK, Into New Standalone Publicly Traded Company

Citius Pharmaceuticals

25/05/2022 13:55

May 25 (Reuters) - Citius Pharmaceuticals Inc  CTXR.O :
    * CITIUS PHARMACEUTICALS, INC. ANNOUNCES INTENTION TO
SPINOFF
LATE-STAGE ONCOLOGY ASSET, I/ONTAK, INTO A NEW STANDALONE
PUBLICLY TRADED COMPANY
    * CITIUS PHARMACEUTICALS INC - WOULD RETAIN MINO-LOK AND
OTHER
PIPELINE ASSETS AND CONTINUE TO TRADE ON NASDAQ (TICKER: CTXR)
    * CITIUS PHARMACEUTICALS INC - CITIUS WOULD CONTINUE TO
TRADE ON
NASDAQ EXCHANGE UNDER ITS CURRENT TICKER CTXR
    * CITIUS PHARMACEUTICALS INC- IPO WITH DISTRIBUTION OF
SHARES TO
CITIUS SHAREHOLDERS PLANNED FOR 2H 2022
    * CITIUS - SPINOFF AND DISTRIBUTION OF STOCK IS EXPECTED TO
OCCUR
IN A MANNER INTENDED TO QUALIFY AS A TAX-FREE TRANSACTION FOR
U.S. SHAREHOLDERS
    * CITIUS PHARMACEUTICALS INC - PLANS TO FORM A NEW COMPANY
(NEWCO)
FOCUSED ON DEVELOPING AND COMMERCIALIZING I/ONTAK
    * CITIUS PHARMACEUTICALS INC - UPON COMPLETION OF
TRANSACTIONS,
NEWCO WOULD BE A PURE-PLAY ONCOLOGY-FOCUSED BIOPHARMACEUTICAL
COMPANY

Source text for Eikon:  ID:nPnR8v0Ta 
Further company coverage:  CTXR.O 

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