10:43 AM EDT, 04/26/2024 (MT Newswires) -- Citius Pharmaceuticals ( CTXR ) said Friday it has signed agreements to buy a total of 21.4 million of its common shares at $0.70 apiece and warrants to buy up to 21.4 million of its common shares in a registered direct offering for gross proceeds of roughly $15 million.

The warrants have an exercise price of $0.75 per share.

The offering is expected to close around Tuesday, Citius added. The biopharmaceutical company intends to utilize the net proceeds for general corporate reasons.

Shares of the company were down 9.8% in recent trading.

Price: 0.66, Change: -0.07, Percent Change: -9.84