Cranford pharma company, Citius, advances spinoff efforts

Citius Pharmaceuticals on Thursday said it is moving forward with is plan to spin off its oncology asset I/ONTAK into a standalone company.

Maxim Group LLC will serve as financial adviser to Citius’ wholly owned subsidiary, Citius Acquisition Corp.

The Cranford-based late-stage biopharmaceutical company noted that any transactions are subject to the satisfaction of customary conditions, including final approval from the board of directors.

“Maxim Group has a strong track record of executing strategic and financial transactions in the life science sector, and we look forward to working closely with them to optimize the structure and timing of contemplated I/ONTAK transactions,” Leonard Mazur, chairman and CEO of Citius, said.

I/ONTAK is a “recombinant fusion protein” that combines the “interleukin-2 (IL-2) receptor binding domain with diphtheria toxin fragments.” It is intended as a treatment for relapsed or refractory cutaneous T-cell lymphoma.

The company announced efficacy and safety data from a Phase 3 study for treating CTCL in November and presented it at the American Society of Hematology Annual Meeting in December.