Cellceutix Corp (OTCMKTS:CTIX) is remaining firm on its push for an uplist to the NASDAQ exchange. On an update to shareholders, the clinical biopharmaceutical company notes that the application remains pending. The current stock price is posing a challenge to the company’s push as it is considered quite low to the minimum requirement required for an upgrade.
No Plans for a reverse split
Cellceutix Corp (OTCMKTS:CTIX) has refuted suggestion that it may consider carrying out a reverse split as a measure of meeting the higher share price requirement needed to trigger an uplist. The company maintains that a number of current developments that continue to show great potential could act as catalyst in it gaining the approval on improved stock’s valuation
Some of the developments expected to bolster Cellceutix valuation in the market include the conclusion of the Phase 1 trial of Kevetrin to be used for solid tumors. The company is planning to carry out mid-stage trials for the drug as it targets solid and liquid tumors.
Plans to Generate More revenue
Cellceutix Corp (OTCMKTS:CTIX) is also looking forward to meeting with Food and Drug Administration to discuss plans to initiate Phase 3 trial for Brilacidin. A drug that targets Acute Bacterial Skin and Skin Structure Infections. Once the drug is approved for use, it is expected to rival Daptomycin.
Shareholders are already betting big on Brilacidin, which is expected to replace Daptomycin as the primary drug. The drug should act as a key source of revenue for the company going forward. Cellceutix is also considering shifting its focus to the development of drugs for gastrointestinal diseases once it completes phase 2 trials for Brilacidin.
Cellceutix Corp (OTCMKTS:CTIX) has been growing steadily as a clinical stage company as it continues to develop the much-needed therapies for dermatology antibiotics and oncology. CEO, Leo Ehrlich being one of the largest shareholders, has affirmed his commitment to continue generating value with an eye on a potential uplist to the NASDAQ.