Citius Pharmaceuticals Announces $3 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules Cranford, NJ

Citius Pharmaceuticals Announces $3 Million

Registered Direct Offering Priced At-The-Market under Nasdaq Rules

Cranford, NJ, January 8, 2025 -

Citius Pharmaceuticals Inc. (Nasdaq: CTXR) ("Citius Pharma" or the "Company"), a biopharmaceutical company dedicated

to the development and commercialization of first-in-class critical care products, today announced that it has entered into definitive

agreements for the purchase of an aggregate of 743,496 shares of its common stock and accompanying warrants to purchase up to an aggregate

of 743,496 shares of its common stock, at a purchase price of $4.035 per share and accompanying warrant in a registered direct offering

priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $3.91 per share, will be exercisable immediately

upon issuance, and will expire five years from the initial exercise date. The closing of the offering is expected to occur on or about

January 8, 2025, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive

placement agent for the offering.

The aggregate gross proceeds to the Company from

the offering are expected to be approximately $3 million, before deducting the placement agent fees and other offering expenses payable

by the Company. The Company currently intends to use the net proceeds from the offering for general corporate purposes, including pre-clinical

and clinical development of our product candidates and working capital and capital expenditures.

The securities described above are being offered

pursuant to a "shelf" registration statement (File No. 333-277319) filed with the Securities and Exchange Commission ("SEC")

on February 23, 2024 and declared effective on March 1, 2024. The offering is being made only by means of a prospectus, including a prospectus

supplement, forming a part of the effective registration statement. The prospectus supplement and the accompanying prospectus relating

to the securities being offered will be filed with the SEC and be available at the SEC's website at www.sec.gov. Electronic copies

of the prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available,

by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212)

856-5711 or e-mail at placements@hcwco.com.

This press release shall not constitute an offer

to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities

in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under

the securities laws of any such state or jurisdiction.

About Citius Pharmaceuticals, Inc.

Citius Pharma is a biopharmaceutical company dedicated

to the development and commercialization of first-in-class critical care products. In August 2024, the FDA approved LYMPHIR, a targeted

immunotherapy for an initial indication in the treatment of cutaneous T-cell lymphoma. Citius Pharma's late-stage pipeline also

includes Mino-Lok , an antibiotic lock solution to salvage catheters in patients with catheter-related bloodstream infections, and

CITI-002 (Halo-Lido), a topical formulation for the relief of hemorrhoids. A Pivotal Phase 3 Trial for Mino-Lok and a Phase 2b trial for

Halo-Lido were completed in 2023. Mino-Lok met primary and secondary endpoints of its Phase 3 Trial. Citius Pharma is actively engaged

with the FDA to outline next steps for both programs. Citius Pharma owns 92% of Citius Oncology, Inc. ("Citius Oncology").

For more information, please visit www.citiuspharma.com.

Forward Looking Statements

This press release may contain "forward-looking

statements" 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 Pharma. You can identify these

statements by the fact that they use words such as "will," "anticipate," "estimate," "expect,"

"plan," "should," and "may" 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, and includes all statements related to the completion of the offering,

the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering. Factors

that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius

Pharma and Citius Oncology, are: related to the closing of the offering; our ability to raise additional money to fund our operations

for at least the next 12 months as a going concern; Citius Pharma's ability to continue to meet Nasdaq's continued listing

standards; our ability to commercialize LYMPHIR and any of our other product candidates that may be approved by the FDA; risks relating

to the results of research and development activities, including those from our existing and any new pipeline assets; risks related to

research using our assets but conducted by third parties; our need for substantial additional funds; the estimated markets for our product

candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target

patient populations; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; our ability to obtain,

perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing;

the early stage of products under development; market and other conditions; risks related to our growth strategy; patent and intellectual

property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely

basis; government regulation; competition; as well as other risks described in our SEC filings. These risks have been and may be further

impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance,

and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail

in our SEC filings which are available on the SEC's website at www.sec.gov, including in Citius Pharma's Annual Report on

Form 10-K for the year ended September 30, 2024, filed with the SEC on December 27, 2024, as updated by our subsequent filings with the

SEC. These forward-looking statements speak only as of the date hereof, and 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.