Maynard pharma company completes merger
Maynard pharmaceutical company Citius Pharmaceuticals said a merger between the former Citius Pharmaceuticals LLC and Trail One Inc. is now complete.
Under an agreement dated Sept. 12, Citius shareholders were issued a combined 21.6 million shares of stock, comprising about 72 percent of common stock at closing. The private offering raised $2.04 million, according to a statement. The company expects its future board of directors will consist of four members.
Trail One, a development-stage company, changed its name to Citius Pharmaceuticals Inc. under the merger. Leonard Mazur has been appointed president and CEO, as well as sole director.
Citius Pharmaceuticals is conducting clinical studies to expand the market opportunity for the drug Suprenza, which treats obesity, according to the Citius website. The Food and Drug Administration has already approved Suprenza, and Citius is seeking approval for new drug candidates, the company said.
“This transaction is the beginning of our active development programs and provides our management team with a platform to continue our research and product development. We are excited about our future,” Mazur said.
For now, Citius will continue to trade under the former Trail One stock symbol, TRLOD on the OTC markets.
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