Testosterone-focused men’s health pharma company Clarus Therapeutics (Clarus Therapeutics Stock Quote, Charts, News, Analysts, Financials OTC:CRXT) has had its share price hovering below the $0.10 per share mark for a while now. But with the immanent commercial launch of its Jatenzo testosterone capsules, the stock could be ready to rise.
Based in Northbrook, Illinois, Clarus announced on Tuesday a senior debt financing of up to $75 million, with Morgan Stanley acting as sole placement agent. The company said the proceeds will go towards commercializing Jatenzo, the first and only FDA-approved oral softgel testosterone replacement therapy for the treatment of men with hypogonadism due to certain medical conditions.
“We are thrilled to have this investment as we bring JATENZO to market,” said Dr. Robert Dudley, Chief Executive Officer of Clarus Therapeutics, in a statement. “We can now fully implement JATENZO’s commercialization strategy and move Clarus closer to profitability.”
Clarus first announced in July 2019 the FDA’s awarding of a three-year market exclusivity to Jatenzo, which prevented the FDA from approving until March 2022 New Drug Applications and generic versions of testosterone undecanoate that share a protected condition of approval with Jatenzo.
Last September, Clarus filed for Chapter 11 bankruptcy, citing extremely challenging financial markets.
According to TipRanks, Clarus has two analysts covering the stock who currently both have “Hold” ratings on CRXT.
Clarus currently has a market capitalization of $73,000, with 52K shares outstanding.
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