Citius Pharmaceuticals is positioned for a strong 2024 with more than $26 million in cash and a Phase 3 trial that analysts at Dawson James are bullish on.
The company spent $36.7 million in operating expenses last year and ended 2023 2ith closed the year with $26.5 million in cash and equivalents, according to its fourth-quarter results.
Looking ahead, all eyes are on Mino-Lok, which the Citius calls an antibiotic lock solution used to treat patients with catheter-related bloodstream infections. The treatment “appears to have achieved the critical number of events for trial completion,” the analysts wrote.
Dawson James issued a Buy rating and $8 price target for Citius. Shares of the company traded 3% higher Tuesday at just $0.78.
Specifically, the Mino-Lok Phase 3 pivotal superiority trial measures the time it takes to reach a catheter failure event within the span of six weeks. Secondary outcome measures include overall success, microbiological eradication and clinical cure, among others, the firm noted.
Catheter-related bloodstream infections are potentially life-threatening conditions in cancer patients receiving therapies through central venous catheters.
Currently, there are few alternatives to removing and replacing a CVC once it becomes infected, the analysts noted.