The leading clinical stage biopharmaceutical company Cellceutix Corp (OTCMKTS:CTIX) announced financial results for the previous quarter ended March 31. Among other financial updates, Cellceutix announced a stock purchase agreement worth $30 million with Aspire Capital.
Cellceutix Corp put an extra effort on the research and development activities in the previous quarter. The R&D expenses were totaled at $2.32 million as compared to $1.83 million in 1Q2014. Over the last twelve month period, R&D expenses increased by $488,000 due to additional cost related to hiring employees and increased clinical trial expenses.
When it comes to operating expenses, it reported $2.85 million in 1Q2015 as compared to $2.28 million in 1Q2014. The increment was due to $42,000 increase in general and administrative expenses and a significant increment in the research and development cost. The company ended this quarter with a loss figure of 2 cents per share or $2.9 million as compared to a net loss figure of 2 cents a share or $2.33 million in 1Q2014. It had $10.8 million cash in hand at the end of 1Q2015 against $4.99 million cash in hand at the end of 1Q2014.
The company made a significant progress across its portfolio of compounds during the quarter ended March 31. Even though it lacked management’s expectations, but still managed to perform reasonably well. The first quarter has set the pace to attain desired results in June quarter. He further stated that the company had an important drug in Kevetrin due to its extraordinary ability to get rid of the tumor that regulates protein p53.
A lot of people and organizations played an important role in executing the clinical trial of kevetrin, but the contributions made by Dana-Farber and partners is something Cellceutix Corp (OTCMKTS:CTIX) cannot forget. With the help of the exact data provided by Dana-Farber, it has easily finished the clinical trial process, and now looks forward to engaging with FDA for a mid-stage trial.