CRANFORD - Citius Pharmaceuticals, Inc. ('Citius' or the 'Company') (Nasdaq: CTXR), a specialty pharmaceutical company developing and commercializing critical care drug products, announced that it has signed an exclusive agreement with Novellus Therapeutics Limited ('Novellus') to license iPSC-derived mesenchymal stem cells (iMSCs), and has created a new subsidiary, NoveCite, that will be focused on developing cellular therapies. NoveCite has a worldwide exclusive license from Novellus, an engineered cellular medicines company, to develop and commercialize NoveCite mesenchymal stem cells ('NC-iMSCs') to treat acute respiratory conditions with a near term focus on Acute Respiratory Distress Syndrome ('ARDS') associated with COVID-19
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