Cellceutix Corp (OTCMKTS:CTIX) has filed an up-list application to move the ticker from the OTC market to NASDAQ. The company has been a clinical stage bio-pharmaceutical company for some time now and is nearing completion of its first drug, Brilacidin. Additionally, the company already has set itself on a firm financial footing, by securing $30 million worth financing from Aspire Capital, under a stock purchase agreement. Finally, the company’s current trading price is favorable for the up-listing to proceed.
Unfortunately, since Brilacidin cannot be bought to the market until Daptomycin’s patent expires, CTIX is planning to broaden the scope of its drug. It plans to conduct phase-3 trials of Brilacidin for skin infections and acute bacterial skin. CTIX is one company that does not make use of reverse splits to increase its stock price, instead the company releases updates on recent developments, which push the share price up automatically.
Apart from Brilacidin, the company has its flagship drug, Kevetrin, is nearing the end of its phase-1 trials and is expected to be moved into phase-2 along with Prurisol. However, the company stock has experienced a series of ups and downs in recent weeks, after the news of a dispute over the patent rights of Kevetrin. As per the reports, the company filed and 8-K with the SEC to pay 16 million shares to Aruda, from Dr. Krishna Menon’s, CSO at CTIX, holdings. This was done to settle the dispute between the two companies.
Unfortunately, the minimum stock price to be listed on the NASDAQ is $4, which is way above the current stock value of $2.75. However, the company has still declined to make use of reverse splits to make sure the requirements are met. CTIX CEO, Leo Ehrlich, stated that his company was going to ensure that the share holder get the maximum return on their investments.
Cellceutix Corp (OTCMKTS:CTIX) finished the June 26 session after trading 169,530 shares in the market to register a decline of 3.51% and reach a close at $2.75.