<SEC-DOCUMENT>0001213900-20-017402.txt : 20200714
<SEC-HEADER>0001213900-20-017402.hdr.sgml : 20200714
<ACCEPTANCE-DATETIME>20200714091011
ACCESSION NUMBER:		0001213900-20-017402
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200713
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200714
DATE AS OF CHANGE:		20200714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citius Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001506251
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				273425913
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38174
		FILM NUMBER:		201026446

	BUSINESS ADDRESS:	
		STREET 1:		11 COMMERCE DRIVE
		STREET 2:		1ST FLOOR
		CITY:			CRANFORD
		STATE:			NJ
		ZIP:			07016
		BUSINESS PHONE:		(908) 967-6676

	MAIL ADDRESS:	
		STREET 1:		11 COMMERCE DRIVE
		STREET 2:		1ST FLOOR
		CITY:			CRANFORD
		STATE:			NJ
		ZIP:			07016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trail One, Inc.
		DATE OF NAME CHANGE:	20110314

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TrailOne, Inc.
		DATE OF NAME CHANGE:	20101119
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea124115-8k_citiuspharma.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date of earliest event reported)
<U>July 13, 2020</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B><U>Citius
Pharmaceuticals, Inc.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>Nevada</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">333-206903</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27-3425913</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11 Commerce Drive, 1st Floor, Cranford, NJ</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">07016</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <U>(908) 967-6677</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">Securities registered pursuant to Section 12(b) of the
Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Name of each exchange</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">on which registered</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common stock, $0.001 par value </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">CTXR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Capital Market</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">CTXRW</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 5.02.</B></FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 13, 2020, Citius Pharmaceuticals, Inc.
(the &ldquo;<U>Company</U>&rdquo;) entered into an employment agreement with Myron Czuczman, M.D. (the &ldquo;<U>Employment Agreement</U>&rdquo;),
which was effective as of July 14, 2020. In exchange for his services as the Company&rsquo;s Executive Vice President, Chief Medical
Officer, Mr. Czuczman will receive an annual base salary of $400,000 and he will be eligible for an annual bonus of up to 35% of
his annual base salary at the discretion of the Company&rsquo;s Chief Executive Officer and Board of Directors. Mr. Czuczman will
also be entitled to participate in the Company&rsquo;s then-current benefit plans that the Company may establish for similarly
situated employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Czuczman will also be granted an option
to purchase 500,000 shares of the Company&rsquo;s common stock (the &ldquo;<U>Options</U>&rdquo;) under the Company&rsquo;s 2020
Omnibus Stock Incentive Plan. The exercise price of the Options will be the fair market value of the Company&rsquo;s common stock
on the date of grant. One-third of the Options will vest on the first anniversary of the Employment Agreement and the remainder
will vest in 24 equal monthly installments thereafter, subject to Employee&rsquo;s continued employment on the applicable vesting
dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Employment Agreement, Mr. Czuczman&rsquo;s
employment will be at will and continue until terminated by either party. If the Company terminates Mr. Czuczman&rsquo;s employment
without Cause, or Mr. Czuczman resigns for Good Reason within 12 months following a Change in Control, then conditioned upon Mr.
Czuczman executing a release following such termination, Mr. Czuczman will receive (i) an amount of pay equal to his then-current
base salary, less applicable taxes and withholdings over a period of 12 months following the date of termination, (ii) a pro-rated
portion of his annual bonus based on his date of termination, and (iii) certain benefits for a period of up to 12 months following
the effective date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The description of the Employment Agreement
set forth above does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement,
which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Capitalized
terms appearing above and not otherwise defined have the meaning set forth in the Employment Agreement. A copy of the press release
issued by the Company on July 14, 2020 is filed as Exhibit 99.1 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) <I>Exhibits.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 7%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 92%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #0000EE"><U><A HREF="ea124115ex99-1_citiusphar.htm" STYLE="-sec-extract: exhibit">Press release dated July 14, 2020</A>.</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CITIUS PHARMACEUTICALS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: <U>July 14, 2020</U></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Myron Holubiak</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Myron Holubiak</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea124115ex99-1_citiusphar.htm
<DESCRIPTION>PRESS RELEASE DATED JULY 14, 2020.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Citius Pharmaceuticals Brings on Myron S.
Czuczman, M.D. as Chief Medical Officer (CMO) and Executive Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><I>Recent executive at Celgene, Dr. Czuczman brings decades of experience in the strategic design and worldwide clinical development
of novel therapeutics for hematologic malignancies</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><I>Strengthens position for Citius as a developer of adjunctive cancer therapies (Mino-Lok and Mino-Wrap) and the &ldquo;NoveCite&rdquo;
induced allogeneic mesenchymal stem cell program</I></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><I>Formerly at Roswell Park Comprehensive Cancer Center, he was instrumental in the development of the current global era of
combination antibody-based immunochemotherapy of B-cell neoplasms and was the first to discover the synergy between rituximab and
lenalidomide against malignant B-cells </I></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><I>Dr. Czuczman has published greater than 180 peer-reviewed journal articles </I></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CRANFORD, N.J., July 14, 2020 -- Citius Pharmaceuticals, Inc. (&quot;Citius&quot;
or the &quot;Company&quot;) (Nasdaq: CTXR), a specialty pharmaceutical company focused on developing and commercializing critical
care drug products, announced today that Myron S. Czuczman, M.D., has joined the company as Chief Medical Officer (CMO) and Executive
Vice President. Dr. Czuczman was most recently Therapeutic Area Head, Vice President, Clinical Research and Development Global
Lymphoma/CLL Program at Celgene Corporation. At Celgene, he was responsible for worldwide clinical development in Lymphoma/CLL
and for the development of all compounds from Proof-of-Principle through registration globally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Myron Holubiak, Citius CEO stated, &ldquo;We are honored to have
a colleague as qualified as Dr. Czuczman join the Citius team. He will be enormously helpful in furthering our development program
for our planned iPSC-derived mesenchymal stem cell (<I>i</I>MSC) for the treatment of ARDS associated with CoVid-19. This, coupled
with the advanced Phase 3 trials underway for Mino-Lok&reg; and preparing an IND for Mino-Wrap, add to the importance of bringing
in an executive of Dr. Czuczman&rsquo;s expertise, experience, and caliber to the team.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prior to his tenure at Celgene, Dr. Czuczman served as Chief, Lymphoma/Myeloma
Service in the Department of Medicine and Head of the Lymphoma Translational Research Laboratory in the Immunology Department at
Roswell Park Comprehensive Cancer Center in Buffalo, NY where he attained the title of tenured Professor of Medicine and Oncology
prior to joining Celgene.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dr. Czuczman received his M.D. from Pennsylvania State University
of Medicine after graduating magna cum laude in Biochemistry from the University of Pittsburgh. He completed his Internal Medicine
residency training at Weill Cornell North Shore University/MSKCC Program, followed by Medical Oncology/Hematology fellowship training
at Memorial Sloan-Kettering Cancer Center in New York, NY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dr. Czuczman was a Founding Member and reviewer for the National
Comprehensive Cancer Network (NCCN) Lymphoma Guidelines compendium panel for nearly twenty years and he has greater than 180 peer-reviewed
publications. He is a Diplomate in Internal Medicine, and is Board Certified in Medical Oncology and received numerous awards and
accolades during his academic career.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Citius Pharmaceuticals, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citius is a late-stage specialty pharmaceutical company dedicated
to the development and commercialization of critical care products, with a focus on anti-infectives and cancer care. For more
information, please visit <FONT STYLE="color: Black"><U>www.citiuspharma.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Mino-Lok&reg;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mino-Lok&reg; is an antibiotic lock solution being developed as
an adjunctive therapy in patients with central line-associated bloodstream infections (CLABSIs) or catheter-related bloodstream
infections (CRBSIs). CLABSIs/CRBSIs are very serious, especially in cancer patients receiving therapy through central venous catheters
(CVCs) and in hemodialysis patients, for whom venous access presents a challenge. There are currently no approved therapies for
salvaging infected CVCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Citius <I>i</I>MSC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citius&rsquo;s planned mesenchymal stem cell therapy product is
derived from a human induced pluripotent stem cell (iPSC) line generated using a proprietary mRNA-based (non-viral) reprogramming
process. The iMSCs produced from this clonal technique are differentiated from adult donor-derived MSCs (bone marrow, placenta,
umbilical cord, adipose tissue, or dental pulp) by providing genetic homogeneity. In in-vitro studies, iMSCs exhibit superior potency
and high cell viability. The iMSCs secrete immunomodulatory proteins that may reduce or prevent pulmonary symptoms associated with
acute respiratory distress syndrome (ARDS) in patients with COVID-19. The Citius iMSC is an allogeneic (unrelated donor) mesenchymal
stem-cell product manufactured by expanding material from a master cell bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Acute Respiratory Distress Syndrome (ARDS)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ARDS is a type of respiratory failure characterized by rapid onset
of widespread inflammation in the lungs. ARDS is a rapidly progressive disease that occurs in critically ill patients &ndash; most
notably now in those diagnosed with COVID-19. ARDS affects approximately 200,000 patients per year in the U.S., exclusive of the
current COVID-19 pandemic, and has a 30% to 50% mortality rate. ARDS is sometimes initially diagnosed as pneumonia or pulmonary
edema (fluid in the lungs from heart disease). Symptoms of ARDS include shortness of breath, rapid breathing and heart rate, chest
pain (particularly while inhaling), and bluish skin coloration. Among those who survive ARDS, a decreased quality of life is relatively
common.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Safe Harbor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release may contain &quot;forward-looking statements&quot;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future events impacting Citius. You can identify these statements by
the fact that they use words such as &quot;will,&quot; &quot;anticipate,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;should,&quot;
and &quot;may&quot; and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on
management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating
results, financial condition and stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Factors that could cause actual results to differ materially from
those currently anticipated are: our ability to attract, integrate, and retain key personnel; our need for substantial additional
funds; the risk of successfully negotiating within the option period a license agreement with Novellus, Inc. for our planned Novecite
therapy for ARDS; risks associated with conducting clinical trials and drug development; the estimated markets for our product
candidates and the acceptance thereof by any market; risks related to our growth strategy; risks relating to the results of research
and development activities; uncertainties relating to preclinical and clinical testing; the early stage of products under development;
our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our ability to identify,
acquire, close and integrate product candidates and companies successfully and on a timely basis; our dependence on third-party
suppliers; government regulation; patent and intellectual property matters; competition; as well as other risks described in our
SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on
which any such statement is based, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Andrew Scott</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President, Corporate Development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(O) 908-967-6677 x105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ascott@citiuspharma.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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