Cellceutix Corp (OTCMKTS:CTIX) recently announced that it had begun enrollment for phase-2 of its Brilacidin trial. The drug is targeted at prevention of “Oral Mucositis” in patients undergoing Chemoradiation. Additionally, Cellceutix has also received the go-ahead for clinical trials of its anti-cancer drug, Kevetrin. Currently, the drug is in its phase-1 of clinical trials and the recent go-ahead by the Institutional Review Board allows for additional patient enrollment to the trials.
Initial clinical trials of Kevetrin had constituted of 40-patients, but the population was insufficient to determine the maximum possible dose of the drug. The new protocol allows the CTIX to keep administrating the drug to new patients at higher doses, until the maximum dose is determined. Cellceutix has been bearish in the stock market recently, but success with Kevetrin could prove to be a game changer.
People suffering from head and neck cancer have to undergo chemoradiation, which can result in oral mucositis in the sufferers. Brilacidin aims to prevent this from developing. The phase-2 trials aim to use a double blind of Brilacidin oral rinse, with a placebo rinse to achieve an efficacy score in line with the WHO.
Despite the encouraging news from the company, the stock fails to perform at the OTCMKTS. Investors show little interest in CTIX, despite the company having a strong financial position. Although the company had no revenues in its last filing and a net loss of $2.89 million, the company did have $10.8 million in cash and $17.07 million in assets. Additionally, with the number of products in its pipeline, the company should be doing better in the market.
CTIX stock is has not seen much dilution and with recent success of its clinical trials, the company should grow profitable in the near future. Recently, CTIX had filed to be listed on the NASDAQ as well, so investors should be expecting good things in the near future.
Cellceutix Corp (OTCMKTS:CTIX) closed at $2.76, after trading 117.72 million shares on May 26.