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New company to be publicly listed as Citius Oncology, Inc.
Citius Pharmaceuticals, a biopharma company focused on the development and commercialization of critical care products, and TenX Keane Acquisition, a publicly traded special purpose acquisition company, announced a definitive agreement with a proposal to merge TenX and Citius Pharma's wholly owned oncology subsidiary that will continue as a public company listed on the Nasdaq exchange. With the new name of Citius Oncology, Inc., Citius Pharma will receive 67.5 million shares at $10 each and retain majority ownership of approximately 90%.
"We believe this transaction will allow us to unlock the value of Lymphir, and solidly position Citius Pharma to advance our diversified pipeline. This transaction will enable Citius Oncology, with access to the broader capital markets, to better support the successful commercialization of Lymphir, if approved, and explore additional potential targeted oncology therapies. Our majority ownership position and shared services agreement ensures that the Citius Pharma management team will remain fully engaged with the development and commercialization efforts at Citius Oncology. As previously announced, the company is in the process of formulating a plan of distribution of a portion of the shares of Citius Oncology to its shareholders. At Citius Pharma, we intend to focus on completing the Mino-Lok trial and continuing to evaluate next steps with our Halo-Lido program," stated Leonard Mazur, Chairman, CEO, Citius Pharma, in a company press release.
Reference: Citius Pharmaceuticals Executes Definitive Agreement to Merge Wholly Owned Subsidiary with TenX Keane Acquisition to Form Publicly Listed Citius Oncology, Inc. PR Newswire. October 24, 2023. Accessed October 24, 2023. https://www.prnewswire.com/news-releases/citius-pharmaceuticals-executes-definitive-agreement-to-merge-wholly-owned-subsidiary-with-tenx-keane-acquisition-to-form-publicly-listed-citius-oncology-inc-301965379.html