Citius Pharmaceuticals, Inc. today announced completion of the acquisition of Leonard-Meron Biosciences, Inc. Pursuant to the acquisition, Citius acquired all of the outstanding shares of LMB common stock in exchange for shares of Citius common stock.
LMB is a private, late-stage specialty pharmaceutical company focused on the development and commercialization of critical care products with a concentration on anti-infective drugs. LMB’s leading drug candidate, Mino-Lok, is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections. Mino-Lok is a patent-protected, novel solution containing minocycline, edetate (disodium EDTA), and ethyl alcohol, which act to break down bacterial biofilm, eradicate the bacteria, provide anti-clotting properties to maintain patency, and salvage the indwelling central venous catheter. Mino-Lok is entering phase 3 trials after demonstrating safety in its phase 2b trial conducted at the MD Anderson Cancer Center in Houston. Recently, the U.S. Food and Drug Administration granted a Qualified Infectious Disease Product designation for Mino-Lok™. Receiving QIDP designation means that Mino-Lok is now eligible for Fast Track designation, Priority Review, and a five-year extension of market exclusivity.
“Management is excited with the acquisition which has provided us immediate access to Mino-Lok™, a phase 3 ready program in a billion-dollar industry,” said Mr. Leonard Mazur, Chairman of the Board of Directors of Citius. “We are especially pleased with the expansion of our management team to include industry veteran, Mr. Myron Holubiak, who has assumed the position of our Chief Executive Officer and is now directing all of our business and development programs including our prescription hemorrhoid treatment.”
Prior to the acquisition, Mr. Leonard Mazur was the Chief Executive Officer and Chairman of the Board of Directors of Citius and a principal stockholder of LMB; and, Mr. Myron Holubiak was the President and Chief Executive Officer of LMB, a significant stockholder of LMB, and a director of Citius.
Pursuant to the acquisition, Mr. Holubiak assumed the role of President and Chief Executive Officer of Citius and will continue as a director of Citius, and Mr. Mazur will remain as the Chairman of the Board of Citius. All key employees of LMB joined the combined company in their respective roles pursuant to the acquisition.