2023-03-30 09:29:12 ET
- After a 7% rise in the previous session, Citius Pharma ( NASDAQ: CTXR ) shares continued to gain in the pre-market Thursday after the company highlighted its progress on its previously announced plans to spin off oncology candidate I/ONTAK into a standalone publicly-traded entity.
- In a press release on Thursday, Citius ( CTXR ) said that in connection with the transaction, it has selected Maxim Group LLC as the financial advisor to its wholly-owned subsidiary, Citius Acquisition Corp.
- Following the spinoff, Citius ( CTXR ) is expected to continue to trade on the Nasdaq under its current ticker CTXR.
- I/ONTAK is a reformulation of the previously FDA-approved oncology treatment ONTAK which was available in the U.S. market from 1999 – 2014 but voluntarily withdrawn later.
- Citius ( CTXR ) and Dr. Reddy's ( RDY ) have a partnership for I/ONTAK, which is currently under FDA review for persistent or rare blood cancer recurrent cutaneous T-cell lymphoma ( CTXR ), with a decision expected by Sept. 28, 2023.
- Read: Seeking Alpha contributor Bret Jensen issued a Hold rating on CTXR, noting that the upcoming FDA decision on I/ ONTAK is a binary event.
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Citius extends gains on advancing efforts to spin off oncology asset