Cellceutix Corp (OTCMKTS:CTIX) shares made an important bottom this month and this may signal the end of a long slide that started two months ago. Shares fell from $1.90 to near .60 cents. If you look closer at the price action, you are seeing signs that selling may have culminated. It makes sense when you look at the recent fundamental news why CTIX shares are behaving in this manner
CTIX is a clinical stage biopharmaceutical company developing innovative therapies with dermatology, oncology, anti-inflammatory and antibiotic applications. They provided an update on current operations and upcoming clinical milestones across its pipeline of drug candidates: Prurisol, Kevetrin and Brilacidin.
Cellceutix Corp (OTCMKTS:CTIX) anticipates that future budget expenditures will be approximately $14 million over the next 12 months, including approximately $10 million for clinical trials. Management believes that financing available from Aspire Capital will be sufficient to fund the Company’s operations for the next 12 months.
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Clinical Highlights and Upcoming Milestones
- This week Cellceutix anticipates enrolling the final subjects for the Brilacidin 42-day UP/UPS clinical study.
- Between patients already enrolled and those presently in screening, Cellceutix has reached over 70 percent of the anticipated number of trial participants in its Phase 2b trial of Prurisol for the treatment of moderate-to-severe chronic plaque psoriasis. Interim analysis top-line results are expected during the third quarter of calendar 2017.
- Interim analysis of patients in the Phase 2 trial of Brilacidin-OM who received at least 55 Gy cumulative units of radiation showed that Brilacidin markedly reduced the rate of Severe OM (WHO Grade ≥ 3): Active Arm (Brilacidin): 2 of 9 patients (22.2 percent); Control Arm (Placebo): 7 of 10 patients (70 percent).
- Concurrent with the Phase 2 clinical trial of intravenous-administered Kevetrin for late-stage ovarian cancer, toxicology studies are ongoing with the purpose of developing an oral formulation of Kevetrin for treating solid tumors. Currently, there are no approved p53-modulating cancer drugs, much less in pill form.
“We are extremely proud of our accomplishments to date and are thrilled at the company’s prospects going forward into the latter half of 2017,” said Leo Ehrlich, Chief Executive Officer of CTIX. “Within a matter of months, we anticipate completing multiple mid-phase clinical trials for indications in areas with serious unmet medical needs. Based on highly encouraging clinical data received so far, we look forward to sharing complete clinical results with shareholders, members of the pharmaceutical industry interested in our drug candidates, and the public at large, to further establish the true potential of our clinical pipeline.”
“Much-needed drugs and tremendous value creation await patients and shareholders alike should we continue to deliver compelling trial results,” commented Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at CTIX.
We like the work Cellceutix Corp (OTCMKTS:CTIX) is doing on the clinical side. CTIX was the victim of a short-seller creating fraudulent information on Seeking Alpha sending shares lower. It took hard work for CTIX to get the correct information out to shareholders who were duped. We are happy to see they can get back to the business of creating compelling drugs needed in our society. Treating drug-resistant cancers is a $5 billion dollar a year business. The management team have battled through hell and back, but have stuck to the plan. With a market cap of $135.31M, CTIX is rebounding because of manageable debt and drugs that could potentially help patient in need. For continuing coverage on shares of $CTIX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!