A renowned clinical stage company, Cellceutix Corp (OTCMKTS:CTIX), has announced the results for the previous quarter that ended on March 31, 2015. It’s a leading clinical stage biopharmaceutical company. It pays especial efforts and therapies with dermatology, oncology, and antimicrobial applications in their hands.
The company has filed a detailed report giving an idea about company’s financial activities in the previous quarter. As per the reports, the results were revealed while filing 10-Q reports with the Security and Exchange Commission. The decisions taken by the management have helped the company surging in the stock market. The stock prices of Cellceutix elevated 5.47% and touched $2.70 mark yesterday.
The senior management referred it as a moderate period in which the firm grew, but not as much as the management expected. According to Leo Ehrlich, Chief Executive Officer, the overall portfolio of the company developed reasonably well over the past three months. However, the growth didn’t beat the expectations of investors and other stakeholders. The stage is set for the future growth, and the company is expected to outperform the market in the June quarter.
The flagship drug of the company i.e. Kevetrin is probably the best product available on the market in this category. It’s ability to act swiftly upon the tumor that regulates protein p53 sets it apart from all other drugs. There were quite a few difficulties initially, but the production team and other partner institutions have supported the company in the best way possible way.
A Glance At Financial Figures:
The company ended the previous quarter with $10.8 million in cash. It entered into a stock purchase agreement worth $30 million with Aspire Capital to diversify company’s portfolio of trials for antibacterial, cancer and psoriatic indications. Its R&D and operating expenses for the previous quarter were $2.32 million $2.85 million respectively.
Net loss for the March quarter was $2.9 million or 2 cents per share. The management of the company expects to achieve a profitable position in the June quarter.