Cellceutix Corp (OTCMKTS:CTIX) has recently reported its 3Q2015 and a detailed report has been filed with the SEC. As per the report, the company has been very busy in this quarter with its product developments and improving financial health. The most important highlight of the report was the filing of request to be listed on NASDAQ. CTIX believes that it finally has all that it needs to move up from being a penny stock to regular one.
Cellceutix had been trying hard to push forth its lead cancer drug Kevetrin, which is still in the pipeline. Although the drug is still in phase 1 of its clinical trials being conducted at Harvard Cancer Center, the drug has so far shown a lot of promise. There has not been a maximum dose limit for any patient, even after the dose was increased to 75 times the initial amount. Much of the company’s expenses had been comprised of developing its lead drugs for further clinical trials.
Additionally, Cellceutix’s lead dermatology drug Brilacidin, has nearly reached completion of clinical trials. So far the statistics indicate that it is ready to take on the great daptomycin, but the company would have to wait for damptomycin’s patent to expire before cashing in. As far as the company’s financial health is concerned, Cellceutix reached a purchase agreement with Aspire Capital for purchase of $30 million worth of stock.
Celleceutix has $10.8 million in cash and added $30 million from the stock purchase. The CEO of Cellceutix, Leo Ehrlich, indicated that the company would make use of this cash to expand its portfolio of drugs and develop compound variations for their current products. The CEO also stated that his company is financially sound and as the initial trial data would indicate the company also has two promising drugs in the pipeline.
Cellceutix Corp (OTCMKTS:CTIX) closed at $2.32, after losing 6.45% on May 21. The company has 117.27 million shares being traded in the market, with a 52-week range of $1.60-$4.93.