Cellceutix Corp (OTCMKTS:CTIX), a leading clinical stage biopharmaceutical company with primary focus on the development of innovative therapies with dermatology, oncology and antimicrobial applications, announced results for 1Q2015. As per the reports, it incurred research and development expenses worth $2.32 million during the March quarter.
All in all, March quarter proved to be a solid three-month period in terms of cash position, yet Cellceutix ended the quarter with a loss of $2.9 million.
Financial Insights of 1Q2015:
The March quarter brought a lot of positive and negative results for the company. R&D expenses for the quarter totaled $2.32 million compared to $1.83 million in 1Q2014. Cellceutix executed a lot of research related activities including clinical trials and recruitments of employees at various levels, which caused it additional $488,000.
When it comes to operating expenses, Cellceutix managed to post $2.85 million in the first quarter of 2015 compared to $2.28 million during the same period in 2014. There were a lot of projects for which it had to spend extra money on research & development activities. All in all, it spent extra $563,000 in the first quarter due to R&D activities and additional general & administrative expenses ($42000).
Cellceutix Corp (OTCMKTS:CTIX) ended the previous quarter with a loss of 2 cents per share or $2.9 million, compared to previous year’s 2 cents per share or $2.33 million. The cash position of Cellceutix Corp remained strong throughout the quarter. As per the reports, it had $10.8 million in cash at the end of 1Q2015 compared to $ 4.99 million in cash at the end of 1Q2014.
Along with a solid financial position, it also maintained a good operational performance during the previous quarter. Not only did it focus on launching newer products, but also on expanding its business in different locations. The management of Cellceutix hopes to improve this financial and operational performance over the coming quarter.