01:42 PM EST, 11/15/2024 (MT Newswires) -- Citius Pharmaceuticals ( CTXR ) on Friday announced a $3 million direct offering.

The company said it would sell 12 million shares and accompanying warrants at a combined price of $0.25 each. The warrants will be exercisable at $0.25 apiece.

The offering is expected to close Monday and will help the company raise funds for general corporate purposes, Citius said.

The company's shares dropped nearly 38% in recent trading.

Price: 0.21, Change: -0.12, Percent Change: -37.58