The Company recently announced a $3 Million Equity Investment from their Executive Chairman, Mr. Leonard Mazur.
The financial commitment reiterates management's confidence in Citius' strong portfolio and overall growth potential.
Citius made significant strides in both the development and commercialization efforts of their 2 premier products; Mino-Lok™ and Hydro-Lido.
The Company completed a feasibility study of major academic sites with respect to conducting phase 3 trials for its Mino-Lok™ product, and has identified sites that are interested in participation.
The Company reported positive results from the Phase 2a trial of their Hydrocortisone and Lidocaine combination product in patients with Grade I and II hemorrhoids.
The Mino-Lok™ product is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections (CRBSIs). CRBSIs are very serious, especially in cancer patients receiving therapy through central venous catheters (CVCs), and in hemodialysis patients where maintaining venous access presents a challenge. Central venous catheters (CVCs) are life-saving vascular access ports in many patients requiring long-term intravenous therapy. Approximately 7 million CVCs are used annually and about 500,000 of those result in CRBSIs leading to serious, life threatening infections and morbidities.
The Company's topical Hydro-Lido product is being developed to provide anti-inflammatory and anesthetic relief to persons suffering from hemorrhoids. Hemorrhoids are a common gastrointestinal disorder characterized by pain, swelling, itching, tenderness, and bleeding. Hemorrhoids affect nearly 5% of the U.S. population, with 10 million patients reporting symptoms and a third seeking treatment from doctors. Between 50% and 90% of the U.S. population will experience inflamed hemorrhoids in their lifetime. Currently, over 25 million units of topical products for hemorrhoids are sold annually in the U.S. The estimated prescription market in the U.S. is over $1.0 billion.
In addition to product development, Citius strengthened its leadership and executive management team with the addition of Myron Holubiak as the Company's President and CEO. Mr. Holubiak is the former President of Roche Laboratories, Inc., a major research-based pharmaceutical company. Mr. Holubiak stated, "We are extremely pleased with the progress that we have made during the previous 12 months. We are confident that we have built a strong platform to realize our goal of becoming an important player in the critical care space and in adjunctive cancer care. We also have the luxury of owning an asset in Hydro-Lido that has the potential to be the first prescription hemorrhoid treatment with evidence of efficacy and safety. We still have a lot of work to do, but we've made significant progress towards addressing previously unmet and underserved medical needs. We believe that the commercial opportunities for Mino-Lok™ and Hydro-Lido, combined with current industry towards cost-effective therapies will allow us to create new markets and enhance our shareholder value."
