Penny Stock Citius Pharmaceuticals Secures Its First FDA Approval For Skin Cancer Drug A Year After FDA Rejection
Portfolio Pulse from Vandana Singh
Citius Pharmaceuticals Inc (NASDAQ:CTXR) has received FDA approval for its skin cancer drug Lymphir, a year after an initial rejection. Lymphir is the first FDA-approved product for Citius and targets the interleukin-2 receptor on malignant T-cells and Tregs. The company plans to launch the drug in the U.S. within five months. The approval is based on a phase 3 trial showing a 36% overall response rate. CTXR stock closed lower by 1.76% at $0.88 on Thursday.
August 08, 2024 | 9:41 pm
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Citius Pharmaceuticals Inc (NASDAQ:CTXR) has received FDA approval for its skin cancer drug Lymphir, marking the company's first FDA-approved product. The approval is expected to expand the CTCL treatment market, currently estimated at $300-$400 million. The stock closed lower by 1.76% at $0.88 on Thursday.
The FDA approval of Lymphir is a significant milestone for Citius Pharmaceuticals, marking its first FDA-approved product. This approval is likely to positively impact the stock in the short term as it opens up a new revenue stream and expands the CTCL treatment market. Despite the stock closing lower by 1.76% on the day of the announcement, the long-term outlook appears positive.
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