Clinical and regulatory success in 2024 expected to drive value in 2025 CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius Pharma" or the "Company") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Financial Highlights "In fiscal year 2024 we drove tremendous progress in our pipeline. It was a transformative year, marked by our first FDA approval and significant clinical milestones. The approval of LYMPHIRTM and the positive Phase 3 results for Mino-Lok® underscore our commitment to developing innovative therapies. Our team successfully responded to FDA comments related to the biologics license application for LYMPHIR and ultimately gained FDA approval. Productive engagement with the FDA regarding the positive results of our Phase 3 Mino-Lok® trial and Phase 2 Halo-Lido trial clarified our next steps for both programs. We anticipate continued engagement with the agency in the coming year and look forward to their guidance. Additionally, we are exploring strategic partnerships and licensing opportunities to maximize the potential of our portfolio and bring these important therapies to market efficiently," stated Leonard Mazur , Chairman and CEO of Citius Pharma. "Looking ahead, our priorities for fiscal year 2025 include launching LYMPHIRTM through our majority-owned subsidiary, Citius Oncology, driving the clinical and regulatory strategies for Mino-Lok® and Halo-Lido, fortifying our financial position, and applying a disciplined approach to resource allocation. We expect to launch LYMPHIR in the first half of 2025 and distribute CTOR shares to Citius Pharma shareholders by the end of the year, pending favorable market conditions. Our goal remains to deliver value for patients, healthcare providers, and shareholders. With a clear vision and a strong team, we are well-positioned to execute on our mission of bringing innovative therapies to market," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Liquidity As of September 30, 2024 , the Company had $3.3 million in cash and cash equivalents. As of September 30, 2024 , the Company had 7,247,243 common shares outstanding, as adjusted for the 1-for-25 reverse stock split of the Company's common stock, effected on November 25, 2024 . During the year ended September 30, 2024 , the Company received net proceeds of $13.8 million from the issuance of equity. The Company expects to raise additional capital to support operations. Research and Development (R&D) Expenses R&D expenses were $11.9 million for the full year ended September 30, 2024 , compared to $14.8 million for the full year ended September 30, 2023 . The decrease in R&D expenses primarily reflects the completion of the Halo-Lido trial and completion of activities related to the regulatory resubmission for LYMPHIR, offset by shutdown costs associated with the end of the Phase 3 trial for Mino-Lok. We expect research and development expenses to decrease in fiscal year 2025 as we continue to focus on the commercialization of LYMPHIR through our majority-owned subsidiary, Citius Oncology and because we have completed the Phase 3 trial for Mino-Lok. General and Administrative (G&A) Expenses G&A expenses were $18.2 million for the full year ended September 30, 2024 , compared to $15.3 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-launch and market research activities associated with LYMPHIR. General and administrative expenses consist primarily of compensation costs, professional fees for legal, regulatory, accounting and corporate development services, and investor relations expenses. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $11.8 million as compared to $6.6 million for the prior year. The increase of $5.2 million is largely due to the grant of options under the Citius Oncology stock plan. Stock-based compensation expense under the Citius Oncology stock plan was $7.5 million during the year ended September 30, 2024 , compared to $2.0 million for the year ended September 30, 2023 , as the plan was initiated in July 2023 . For the years ended September 30, 2024 and 2023, stock-based compensation expense also includes $47,547 and $130,382 , respectively, for the NoveCite stock option plan. In fiscal years 2023 and 2024, we granted options to our new employees and additional options to other employees, our directors, and consultants. Net loss Net loss was $39.4 million , or ($5.97) per share for the year ended September 30, 2024 , compared to a net loss of $32.5 million , or ($5.57) per share for the year ended September 30, 2023 , as adjusted for the reverse stock split. The increase in net loss reflects an increase in operating expense of $5.3 million offset by a decrease of $1.6 million in other income. Operating expense increased due to increases in stock-based compensation and general and administrative expenses, which were offset by decreased research and development expense. 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 LYMPHIRTM, 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. 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. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Pharma are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR through our majority-owned subisity and any of our other product candidates that may be approved by the FDA; 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; risks related to research using our assets but conducted by third parties; risks relating to the results of research and development activities, including those from our existing and any new pipeline assets; our ability to maintain compliance with Nasdaq's continued listing standards; 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 Securities and Exchange Commission ("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. Investor Contact: Ilanit Allen ir@citiuspharma.com 908-967-6677 x113 Media Contact: STiR-communications Greg Salsburg Greg@STiR-communications.com -- Financial Tables Follow – CITIUS PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,251,880 $ 26,480,928 Inventory 8,268,766 — Prepaid expenses 2,700,000 7,889,506 Total Current Assets 14,220,646 34,370,434 Property and equipment, net — 1,432 Operating lease right-of-use asset, net 246,247 454,426 Other Assets: Deposits 38,062 38,062 In-process research and development 92,800,000 59,400,000 Goodwill 9,346,796 9,346,796 Total Other Assets 102,184,858 68,784,858 Total Assets $ 116,651,751 $ 103,611,150 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 4,927,211 $ 2,927,334 License payable 28,400,000 — Accrued expenses 17,027 476,300 Accrued compensation 2,229,018 2,156,983 Operating lease liability 241,547 218,380 Total Current Liabilities 35,814,803 5,778,997 Deferred tax liability 6,713,800 6,137,800 Operating lease liability – non current 21,318 262,865 Total Liabilities 42,549,921 12,179,662 Commitments and Contingencies Stockholders' Equity: Preferred stock - $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock - $0.001 par value; 16,000,000 shares authorized; 7,247,243 and 6,354,371 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,247 6,354 Additional paid-in capital 271,440,421 253,056,133 Accumulated deficit (201,370,218) (162,231,379) Total Citius Pharmaceuticals, Inc. Stockholders' Equity 70,077,450 90,831,108 Non-controlling interest 4,024,380 600,380 Total Equity 74,101,830 91,431,488 Total Liabilities and Equity $ 116,651,751 $ 103,611,150 Reflects a 1-for-25 reverse stock split effective November 25, 2024. CITIUS PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 11,906,601 14,819,729 General and administrative 18,249,402 15,295,584 Stock-based compensation – general and administrative 11,839,678 6,616,705 Total Operating Expenses 41,995,681 36,732,018 Operating Loss (41,995,681) (36,732,018) Other Income: Interest income, net 758,000 1,179,417 Gain on sale of New Jersey net operating losses 2,387,842 3,585,689 Total Other Income Net 3,145,842 4,765,106 Loss before Income Taxes (38,849,839) (31,966,912) Income tax expense 576,000 576,000 Net Loss (39,425,839) (32,542,912) Net loss attributable to non-controlling interest 287,000 - Deemed dividend on warrant extension (1,047,312) (1,151,208) Net Loss Applicable to Common Stockholders $ (40,186,151) (33,694,120) Net Loss Per Share Applicable to Common Stockholders - Basic and Diluted $ (5.97) (5.57) Weighted Average Common Shares Outstanding
In this interview, Hetarth Patel, VP of the Middle East and Africa (MEA) and MD of the UAE for WebEngage, discusses the evolving landscape of customer engagement. Patel sheds light on how businesses are leveraging omnichannel strategies, AI-driven solutions, and hyper-personalised experiences to drive customer loyalty and retention in a rapidly shifting market. With the ongoing digital transformation and the rise of e-commerce, Patel outlines the challenges brands face and how WebEngage’s cutting-edge technology is helping them stay ahead. Share some of the top trends in customer engagement. How are these trends impacting businesses? Customer engagement has been quite dynamic in the last few years, especially following the pandemic outbreak. In response to the uptick in e-commerce, brands are pivoting to omnichannel operations irrespective of customer- or business-facing models. Existing brick-and-mortar strategies are being revamped to integrate online commerce, leading to multi-channel experiences from brands. The growing traction of e-commerce and omnichannel models has levelled the playing field, allowing new entrants to gain market share through competitive and unique value propositions. For incumbent brands, that scenario emphasises customer retention — known to increase profits while costing significantly less than new acquisitions. Meanwhile, high consumer awareness has shaped an “experience economy”, where goods and services are best sold by communicating their positive impact on buyers’ lives. As each customer can harbour different opinions about what constitutes “value”, businesses are required to personalise their offerings, recommendations, messaging, and overall engagement. What are some of the challenges facing businesses in customer engagement? How are you helping businesses overcome these challenges? As each customer exhibits unique preferences and ascribes “value” to different services or price points, brands cannot have a one-size-fits-all approach; personalisation is key. However, personalised engagement across multiple channels can be challenging, especially for brands with a massive operational scale. At the same time, due to high awareness of different options and value propositions in the market, customers are susceptible to churn. In other words, the slightest disengagement and negative experience can make customers turn away from a brand. Fortunately, exposure to digitalisation has enabled brands to build a repository of customer data, which can be harnessed to derive insights using AI analytics. The valuable information pertaining to individual shopping behaviours and preferences can be used to accurately segment the audience for marketing campaigns. In conjunction with journey designers and other campaign orchestration tools, marketers can hyper-personalise customer interactions across touchpoints. Today, it is becoming increasingly important for companies to have a full-stack solution with all the above capabilities and tools for effective customer engagement — a market need that we are catering to. How does customer happiness lead to improved customer retention and loyalty, and what strategies can businesses employ to enhance customer happiness? When a brand truly understands customers’ requirements and exceeds expectations, it successfully onboards them. If the brand stays consistent with its messaging and service/product quality and adapts to customers’ evolving expectations, it garners their loyalty and trust. That, in turn, translates to long-term relationships and a good retention rate. However, a happy customer tells a friend; an unhappy customer tells the world. Therefore, brands must not get complacent with existing customers and their experiences. AI-driven solutions like WebEngage’s Retention Operating System specialise in not only delivering consistent experiences to customers but also course-correcting engagement strategies through deep-learning models. Such agility is possible by harnessing first-party data and adopting a human-centric approach to engaging customers and addressing their pain points. In what ways can AI and machine learning be utilised as cornerstones to define and enhance customer experiences? How can these technologies be constructively employed to improve customer journeys and personalise interactions on a tech platform like WebEngage? The pandemic and the reactionary pivot to online ways expedited digital transformation by years. Overnight, consumers were met with new channels and options. So, in the last couple of years, shopping behaviours have been in a state of constant flux. Though such shifts have now abated, behaviours will continue to evolve with the emergence of new technological frontiers like Web3. Under that scenario, AI-based models are the best bet for brands to stay in sync with customer movements. In our Retention Operating System, AI algorithms analyse customers’ behavioural data and requests in real-time. Integrated with CRM and other software, such algorithms automatically initiate appropriate responses. Such machine-based actions can be accomplished at scale and with efficiencies that transcend human capabilities. In other words, AI can personalise and enhance customer experiences with minimal human intervention while maximising savings and ROI.
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The landscape of modern policing has become increasingly complex, as criminals turn to advanced information and communication technologies to complicate investigations, police officials revealed during the Criminal Investigation Department (CID) 2024 Awards of Excellence in Policing held at CID Headquarters in Harare yesterday. The event saw the recognition of dozens of police detectives for their exceptional work in tackling serious crimes, including robberies, murders, fraud, and other criminal activities. The awards highlighted the CID's ongoing efforts to stay ahead of evolving criminal tactics, particularly in the face of technological advancements. Challenges Posed by Technology In his keynote address, Chief Director CID Commissioner Jealousy Nyabasa, the guest of honor, emphasized the growing sophistication of crime, largely due to the use of technology. He noted that this technological shift has made crime not only more challenging to combat but also more pervasive and damaging to society. "From the onset, I must inform you all that modern policing has become dynamic, filled with challenges spawned by technology and the general appetite towards criminal tendencies," Nyabasa said. "These developments have made crime more sophisticated, heinous, and far-reaching. The net effect is that it has become increasingly difficult to manage and investigate, resulting in a heightened impact on society." Nyabasa added that the increased complexity of crime requires the police to be more agile, innovative, and resourceful in their approach. Call for Collaborative Efforts Nyabasa also called for greater collaboration between the police and other stakeholders, stressing that solving many cases requires a team effort and an effective systems approach. "This partnership is key, as most, if not all, cases that we handle as CID require a collective effort," he remarked. The Business Against Crime Forum of Zimbabwe (BACFOZ), which has played an active role in supporting law enforcement, reaffirmed its commitment to assisting the police in tackling crime. BACFOZ Chairperson Lovemore Ncube underscored the importance of collaboration in ensuring a safe environment for businesses to thrive. "As the business community, we stand to lose out if the country becomes riddled with crime. Hence, it is essential to make an effort toward addressing the challenges of crime," Ncube said. CID Detectives Recognized for Excellence The awards ceremony also recognized outstanding CID officers for their exceptional contributions to solving major crimes. The Harare CID Homicide officers took home the first-place award for their excellence in the second quarter, following their successful operation against a group of robbers who stole US$720,000 worth of cash and goods during a heist at Quest Financial Services earlier this year. Detectives Donalbain Mutambo, William Hwesu, and Tinashe Nyamayaro received the second-place award for their pivotal role in exposing a fraudulent scheme involving the company Delatfin, which had been defrauded by criminals. The CID's annual awards serve to highlight the courage, resourcefulness, and professionalism of officers, as well as the growing importance of adapting to the rapidly changing landscape of crime driven by technological innovation. The ceremony concluded with a renewed commitment from the police and their partners to fight crime through continued collaboration, innovation, and investment in technology, all aimed at ensuring the safety and security of Zimbabwean citizens.DEIR AL-BALAH, Gaza Strip — Israeli troops stormed one of the last hospitals operating in northern Gaza on Friday, forcing many staff and patients outside to strip in winter weather , the territory’s health ministry said. The army denied claims it had entered or set fire to the complex and accused Hamas of using the facility for cover. Kamal Adwan Hospital has been hit multiple times over the past three months by Israeli troops waging an offensive against Hamas fighters in surrounding neighborhoods, according to staff. The ministry said a strike on the hospital a day earlier killed five medical staff. Israel's military said it was conducting operations against Hamas infrastructure and militants in the area and had ordered people out of the hospital, but said it had not entered the complex as of Friday night. It repeated claims that Hamas militants operate inside Kamal Adwan but provided no evidence. Hospital officials have denied that. The Health Ministry said troops forced medical personnel and patients to assemble in the yard and remove their clothes. Some were led to an unknown location, while some patients were sent to the nearby Indonesian Hospital, which was knocked out of operation after an Israel raid this week. Israeli troops during raids frequently carry out mass detentions, stripping men to their underwear for questioning in what the military says is a security measure as they search for Hamas fighters. The Associated Press doesn’t have access to Kamal Adwan, but armed plainclothes members of the Hamas-led police forces have been seen in other hospitals, maintaining security but also controlling access to parts of the facilities. The Health Ministry said Israeli troops also set fires in several parts of Kamal Adwan, including the lab and surgery department. It said 25 patients and 60 health workers remained in the hospital. The account could not be independently confirmed, and attempts to reach hospital staff were unsuccessful. “Fire is ablaze everywhere in the hospital,” an unidentified staff member said in an audio message posted on social media accounts of hospital director Hossam Abu Safiya. The staffer said some evacuated patients had been unhooked from oxygen. “There are currently patients who could die at any moment,” she said. Lt. Col. Nadav Shoshani, an Israeli military spokesman, denied the accusations. “While IDF troops were not in the hospital, a small fire broke out in an empty building inside the hospital that is under control,” he said Friday night. He said a preliminary investigation found “no connection” between military activity and the fire. The Israeli military heavily restricts the movements of Palestinians in Gaza and has barred foreign journalists from entering the territory throughout the war, making it difficult to verify information. “These actions put the lives of all of these people in even more danger than what they faced before,” U.N. spokesperson Stephanie Tremblay told journalists, and noted colleagues' reports of “significant damage” to the hospital. It should be protected as international law requires, she added. Since October, Israel’s offensive has virtually sealed off the northern Gaza areas of Jabaliya, Beit Hanoun and Beit Lahiya and leveled large parts of them. Tens of thousands of Palestinians were forced out but thousands are believed to remain in the area, where Kamal Adwan and two other hospitals are located. Troops raided Kamal Adwan in October, and on Tuesday troops stormed and evacuated the Indonesian Hospital. The area has been cut off from food and other aid for months , raising fears of famine . The United Nations says Israeli troops allowed just four humanitarian deliveries to the area from Dec. 1 to Dec. 23. The Israeli rights group Physicians for Human Rights-Israel this week petitioned Israel’s High Court of Justice, seeking a halt to military attacks on Kamal Adwan. It warned that forcibly evacuating the hospital would “abandon thousands of residents in northern Gaza.” Before the latest deaths Thursday, the group documented five other staffers killed by Israeli fire since October. Israel launched its campaign in Gaza vowing to destroy Hamas after the group’s Oct. 7, 2023, attack on southern Israel in which militants killed around 1,200 people and abducted some 250 others. Around 100 Israelis remain captive in Gaza, around a third believed to be dead. Israel’s nearly 15-month-old campaign of bombardment and offensives has devastated the territory’s health sector. A year ago, it carried out raids on hospitals in northern Gaza, including Kamal Adwan, Indonesian and al-Awda Hospital, saying they served as bases for Hamas, though it presented little evidence. Israel’s campaign has killed more than 45,400 Palestinians, more than half women and children, and wounded more than 108,000 others, according to the Health Ministry. Its count does not distinguish between civilians and combatants. More than 90% of Gaza’s 2.3 million Palestinians have been driven from their homes, most now sheltering in sprawling tent camps in south and central Gaza. Children and adults, many barefoot, huddled Friday on the cold sand in tents whose plastic and cloth sheets whipped in the wind. Overnight temperatures can dip into the 40s Fahrenheit, and sea spray from the Mediterranean can dampen tents just steps away. "I swear to God, their mother and I cover ourselves with one blanket and we cover (their five children) with three blankets that we got from neighbors. Sea waters drowned everything that was ours,” said Muhammad al-Sous, displaced from Beit Lahiya in the north. The children collect plastic bottles to make fires, and pile under the blankets when their only set of clothes is washed and dried in the wind. At least three babies in Gaza have died from exposure to cold in recent days , doctors there have said, and the Health Ministry said an adult — a nurse who worked at the European Hospital — also died this week.None
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Meet three incoming EU lawmakers in charge of key tech policy areasAP Business SummaryBrief at 6:23 p.m. ESTHautuki, A Globally Recognized Innovative Patch Type Nutrition Solution for Child Growth 12-24-2024 06:14 PM CET | Health & Medicine Press release from: ABNewswire Hautuki, an innovative children's nutrition product manufactured in South Korea, is gaining global recognition. Exported to countries including the United States, Singapore, Hong Kong, Taiwan, Malaysia, Indonesia, China, and the Philippines, Hautuki has established itself as a trusted brand in international markets. CUSTICS, the company behind Hautuki, operates legal entities in South Korea, Singapore, Taiwan, and Hong Kong, strengthening its global presence. Based on its vision to "shine and illuminate," CUSTICS aims to brighten customers' lives with products that shine and stand out, delivering high-quality solutions tailored to diverse markets. Image: https://www.abnewswire.com/uploads/98a27e95d3c329d5c3911af6fca4aa8c.png Hautuki's patch-type nutrition supplement redefines child nutrition with its unique combination of innovation and practicality. Unlike conventional oral supplements, which many children find challenging or unpleasant to consume, Hautuki's patch format offers a non-invasive and child-friendly solution. This approach ensures that even children who struggle with swallowing pills can receive essential nutrients without stress or discomfort. By utilizing advanced transdermal technology, Hautuki bypasses the liver's first-pass metabolism, delivering nutrients directly through the skin for superior absorption and efficiency. Its application of the Transdermal Drug Delivery System (TDDS) guarantees a consistent supply of key nutrients, including vitamins, calcium, and magnesium, essential for healthy growth and development. Hautuki's patented formula, developed with peptides from Seoul National University, is scientifically optimized to provide the ideal balance of nutrients tailored to children's needs. Hautuki is available on its official website and leading marketplaces such as Amazon, Shopee, Taobao, and Flipkart. By collaborating with fulfillment centers in each region, it guarantees fast and reliable delivery worldwide. Committed to innovation and sustainability, Hautuki focuses on expanding its reach, maintaining rigorous quality standards, and contributing to child nutrition initiatives. By combining cutting-edge science with a user-friendly design, Hautuki embodies CUSTICS' dedication to creating products that enhance lives globally. DISTRIBUTOR'S NAME - Amit Biswas DISTRIBUTOR'S COMPANY - Grow With Amit DISTRIBUTOR'S PHONE NUMBER - 7001189924 Media Contact Company Name: Grow With Amit Contact Person: Amit Biswas Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=hautuki-a-globally-recognized-innovative-patch-type-nutrition-solution-for-child-growth ] Country: India Website: https://www.fiverr.com/grow_withamit This release was published on openPR.
Opinion: Australia is banning social media for teens. Should Canada do the same?South Korea lifts president's martial law decree after lawmakers reject military rule SEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reje Kim Tong-hyung, The Associated Press Dec 3, 2024 3:16 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message A man shouts to demand South Korean President Yoon Suk Yeol to step down in front of the National Assembly in Seoul, South Korea, Wednesday, Dec. 4, 2024. (AP Photo/Ahn Young-joon) SEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reject military rule. President Yoon Suk Yeol, who appeared likely to be impeached over his actions, imposed martial law late Tuesday out of frustration with the opposition, vowing to eliminate “anti-state” forces as he struggles against opponents who control parliament and that he accuses of sympathizing with communist North Korea. Police and military personnel were seen leaving the grounds of parliament following the bipartisan vote to overrule the president, and the declaration was formally lifted around 4:30 a.m. during a Cabinet meeting. Parliament acted swiftly after martial law was imposed, with National Assembly Speaker Woo Won Shik declaring that the law was “invalid” and that lawmakers would “protect democracy with the people.” In all, martial law was in effect for about six hours. The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own conservative party. Lee Jae-myung , leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers would remain in the Assembly’s main hall until Yoon formally lifted his order. Woo applauded how troops quickly left the Assembly after the vote. “Even with our unfortunate memories of military coups, our citizens have surely observed the events of today and saw the maturity of our military,” Woo said. While announcing his plan to lift martial law, Yoon continued to criticize parliament’s attempts to impeach key government officials and senior prosecutors. He said lawmakers had engaged in “unscrupulous acts of legislative and budgetary manipulation that are paralyzing the functions of the state.” Jo Seung-lae, a Democratic lawmaker, claimed that security camera footage following Yoon’s declaration showed that troops moved in a way that suggested they were trying to arrest Lee, Woo and even Han Dong-hoon, the leader of Yoon’s People Power Party. Officials from Yoon’s office and the Defense Ministry did not respond to requests for comment early Wednesday. Seemingly hundreds of protesters gathered in front of the Assembly, waving banners and calling for Yoon’s impeachment. Some protesters scuffled with troops ahead of the lawmakers’ vote, but there were no immediate reports of injuries or major property damage. At least one window was broken as troops attempted to enter the Assembly building. One woman tried unsuccessfully to pull a rifle away from one of the soldiers, while shouting “Aren’t you embarrassed?” Under South Korea’s constitution, the president can declare martial law during “wartime, war-like situations or other comparable national emergency states” that require the use of military force to maintain peace and order. It was questionable whether South Korea is currently in such a state. When martial law is declared, “special measures” can be employed to restrict freedom of press, freedom of assembly and other rights, as well as the power of courts. The constitution also states that the president must oblige when the National Assembly demands the lifting of martial law with a majority vote. Following Yoon’s announcement of martial law, South Korea’s military proclaimed that parliament and other political gatherings that could cause “social confusion” would be suspended, South Korea’s Yonhap news agency said. The military said anyone who violated the decree could be arrested without a warrant. In Washington, the White House said the U.S. was “seriously concerned” by the events in Seoul. A spokesperson for the National Security Council said President Joe Biden’s administration was not notified in advance of the martial law announcement and was in contact with the South Korean government. Pentagon spokesman Maj. Gen. Pat Ryder said there was no effect on the more than 27,000 U.S. service members based in South Korea. The South Korean military also said that the country’s striking doctors should return to work within 48 hours, Yonhap said. Thousands of doctors have been striking for months over government plans to expand the number of students at medical schools. Soon after martial law was declared, the parliament speaker called on his YouTube channel for all lawmakers to gather at the National Assembly. He urged military and law enforcement personnel to “remain calm and hold their positions. All 190 lawmakers who participated in the vote supported the lifting of martial law. At one point, television footage showed police officers blocking the entrance of the National Assembly and helmeted soldiers carrying rifles in front of the building. An Associated Press photographer saw at least three helicopters, likely from the military, that landed inside the Assembly grounds, while two or three helicopters circled above the site. The leader of Yoon’s conservative party called the decision to impose martial law “wrong.” Lee, who narrowly lost to Yoon in the 2022 presidential election, said Yoon’s announcement was “illegal and unconstitutional.” Yoon said during a televised speech that martial law would help “rebuild and protect” the country from “falling into the depths of national ruin.” He said he would “eradicate pro-North Korean forces and protect the constitutional democratic order.” “I will eliminate anti-state forces as quickly as possible and normalize the country,” he said, while asking the people to believe in him and tolerate “some inconveniences.” Yoon — whose approval rating dipped in recent months — has struggled to push his agenda against an opposition-controlled parliament since taking office in 2022. His party has been locked in an impasse with the liberal opposition over next year’s budget bill. The opposition has also attempted to impeach three top prosecutors, including the chief of the central Seoul prosecutors’ office, in what the conservatives have called a vendetta against their criminal investigations of Lee, who has been seen as the favorite for the next presidential election in 2027 in opinion polls. During his televised announcement, Yoon also described the opposition as “shameless pro-North Korean anti-state forces who are plundering the freedom and happiness of our citizens.” He did not elaborate. Yoon has taken a hard line on North Korea over its nuclear ambitions, departing from the policies of his liberal predecessor, Moon Jae-in, who pursued inter-Korean engagement. Yoon has also dismissed calls for independent investigations into scandals involving his wife and top officials, drawing quick, strong rebukes from his political rivals. Yoon’s move was the first declaration of martial law since the country’s democratization in 1987. The country’s last previous martial law was in October 1979, following the assassination of former military dictator Park Chung-hee. Sydney Seiler, Korean chair at the Center for Strategic and International Studies, argued that the move was symbolic for Yoon to express his frustration with the opposition-controlled parliament. “He has nothing to lose,” said Seiler, comparing Yoon’s move to the Hail Mary pass in American football, with a slim chance of success. Now Yoon faces likely impeachment, a scenario that was also possible before he made the bold move, Seiler said. Natalia Slavney, research analyst at the Stimson Center’s 38 North website that focuses on Korean affairs, said Yoon’s imposition of martial law was “a serious backslide of democracy" that followed a “worrying trend of abuse” since he took office in 2022. South Korea “has a robust history of political pluralism and is no stranger to mass protests and swift impeachments,” Slavney said, citing the example of former President Park Geun-hye, the country’s first female president, who was ousted from office and imprisoned for bribery and other crimes in 2017 . ___ Associated Press writers Hyung-jin Kim in Seoul, South Korea, and Matt Lee, Didi Tang and Tara Copp in Washington contributed to this report. Kim Tong-hyung, The Associated Press See a typo/mistake? Have a story/tip? 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