We are continuing our coverage of Citius Pharmaceuticals, Inc. (NASDAQ: CTXR), a specialty pharmaceutical company that develops and commercializes critical care products.
Current price $1.17 per share
CTXR shares gapped at the open in Wednesday’s session to $1.21/share from Tuesday’s close of $1.16/share. and quickly gained to $1.27 before the market moved to fill the gap. Trading volume was 2.9 million shares exceeding the average daily volume by a factor of 3.7X.
CTXR has four different products in development, Mini-Lok, Mino-Wrap, Hado Lido and an ARDS treatment through its NoveCite subsidiary. We think Mino-Lok is the product driving the share price, so we want to expand on that today.
CTXR has a worldwide license to develop Mino-Lok from the MD Anderson Cancer Center. It is a proprietary blend of three FDA approved compounds.
According to company statements, “For Mino-Lok, we expect that the trial will continue as planned until it is fully enrolled, which we expect to be in the first half of 2021, given the continuing impact of the COVID-19 pandemic on clinical trials. The antibiotic lock solution market is estimated to be a $750 million opportunity in the U.S. and is expected to grow to $1.84 billion worldwide by 2028.”
The insider ownership, institutional ownership, and the principals at CTXR are an integral part of an examination of Citius. Insiders own 12.31 million shares (22.3%), and institutions own 13.3% of the outstanding shares. That is a combined 35.6% of the company. The insider holdings are owned mainly by the two top executives:
Leonard Mazur, Chairman of the Board, has an extensive background in several pharma companies, including the sale of Genesis Pharmaceuticals when he was their CEO.
Myron Holubiak, President and Chief Executive Officer, Director, also has an extensive background in pharma companies, including 19 years at Roche Laboratories ($306/share) where he was the company president.
To say these savvy executives, know what they are doing would be an understatement. Most of the shares owned by these pros were purchased in the open market, with their own money.
The company sets the current US market at $750 million. Not only is Mino-Lok more effective and safer than the current standard of care, but it will also be available at a fraction of the cost of the current remove and replace treatment. We anticipate that every physician may turn to Mino-Lok to cure infected intravenous catheters.
Let’s look marginally forward at what could happen. The FDA approves Mino-Lok and the company quickly (maybe 12 months) ships $500 million of product to hospitals across the country. How much is a company with $500M in revenues worth? There are differing opinions in answer to that question, but we believe the value could be several times the current market cap of $65M.
Four viable products in the pipeline
Late-stage Phase III product with virtually 100% efficacy
Insiders and institutions are heavily invested
Small share structure and small float
Still trading 42% off recent high
Anyone with an interest in CTXR may want to consider starting their due diligence soon. We can see that there is a strong case for the FDA approval of Mino-Lok, and we have seen comments from physicians such as “if it was FDA approved, I’d already be using it.” CTXR could be one catalyst away from the shares breaking out and gaining significantly.
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