Cellceutix Corp (OTCMKTS:CTIX) is moving up steadily after the Company announced a $30 million stock purchase agreement and another meeting with the FDA to Discuss Phase 2 Clinical Trial for Ulcerative Proctitis Treatment; Cellceutix’s Abstract on Kevetrin to Be Presented at ASCO
CTIX has had 2 months that shareholders would love to forget; after hitting highs of $4.93 in the first few days of January the stock initially consolidated well and started moving up as if it would take out the $4.93 but it failed to do that topping out at $4.75 before a significant drop back to $3 levels.
CTIX is one of those legendary stories that we love to report on; from pennies a share back in 2011 to recent highs near $5 CTIX has transformed itself as the top most traded stock on the entire bb’s.
It all comes back to Cellceutix chief scientific officer, Dr. Krishna Menon; the man is a real whiz; he played key roles in developing two blockbuster cancer drugs; Gemzar and Alimta for Eli Lilly & Co.(NYSE:LLY) back in the late 90’s.
For CTIX he developed Kevetrin which is currently in Phase 1 clinical trial at Harvard Cancer Centers’ Dana Farber Cancer Institute. Kevetrin is successful in regulating the p53 pathway that has long been the holy grail of cancer research and big pharma. Industry leaders spent hundreds of millions of dollars trying to achieve what Dr. Krishna Menon has achieved with Kevetrin.
Cellceutix Corp (OTCMKTS:CTIX) is a clinical stage biopharmaceutical company located in Beverly, Massachusetts developing innovative therapies in oncology, dermatology and antimicrobial applications.
CTIX flagship is Brilacidin, a new class of antibiotics called defensin-mimetics, which are modeled after host defense proteins. These are the “front line” of defense in the human immune system and mange suggest Brilacidin could rival Cubist’s (NASDAQ:CBST) Daptomycin as the antibiotic of primary choice.
CTIX recently announced that the U.S. Food and Drug Administration (FDA) has granted Qualified Infectious Disease Product (QIDP) designation for Brilacidin as a new treatment for Acute Bacterial Skin and Skin Structure Infections (ABSSSI) ahead of its meeting this month with Cellceutix regarding Cellceutix’s planned Phase 3 trial of Brilacidin for ABSSSI. Brilacidin, the Company’s lead drug in a new class of antibiotics called defensin-mimetics, completed a Phase 2b trial in September showing, amongst other things, a single dose of Brilacidin to be as effective in treatment of ABSSSI as a FDA-approved seven-day dosing regimen of daptomycin.
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The QIDP designation was established as part of the Generating Antibiotic Incentives Now (GAIN) Act, passed by the U.S. Congress in July 2012, for the purpose of encouraging pharmaceutical companies to develop new antimicrobial drugs to treat serious and life-threatening infections. Receiving QIDP designation means that Brilacidin is now eligible for additional FDA incentives in the approval and marketing path, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity.
Among the benefits of QIDP is Fast Track and Priority Review status and a five-period of market exclusivity if approved. Cellceutix acquired Brilacidin last year when they purchased the assets of PolyMedix.
On April 1 CTIX announced a $30 million stock purchase agreement with Aspire Capital Fund, LLC. Pursuant to the Agreement, Aspire has committed to purchase over the next 3 years up to $30 million of Cellceutix’s common stock based on the prevailing market prices at the time of each sale. The timing of the purchases will be at the sole discretion of Cellceutix. Aspire Capital has previously provided the Company with $30 million in equity capital in two similar transactions.
Steven G. Martin of Aspire Capital Fund, LLC said “We are pleased to continue our successful, long-term relationship with Cellceutix by entering into a new $30 million transaction. Over the last several years, Aspire Capital has completed two similar transactions with the Company totaling $30 million. During that time, Cellceutix has made tremendous progress in advancing the development of its key assets including Brilacidin, Kevetrin, and Prurisol. We were pleased with the results from the phase 2B trial of Brilacidin for ABSSSI. We are also pleased to see Kevetrin showing promising signs of activity and tolerability. We continue to believe in the Company’s potential and are excited about the upcoming milestones in 2015.”
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Currently trading at a $352 million market valuation CTIX has been the darling of the bb’s in recent years running from pennies to $4.93 a share. The Company is currently fully funded with over $7 million in the treasury. The stock is just now coming into the price range where they will be noticed by the primary players of biotechnology who could be all over this one. We will be updating on CTIX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CTIX.
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Disclosure: we hold no position in CTIX either long or short and we have not been compensated for this article.