Cellceutics Corp. (OTCBB:CTIX) Above $2 Again and Headed for NYSE?
The last time that we covered Cellceutics Corp. (OTCBB:CTIX) their stock was having a hard time sliding down the charts. More recently CTIX‘s stock started to move in an upward direction and is reaching former price levels. Will it continue its ascent and reach new heights?
After the beginning of 2013 CTIX‘s stock has been moving in a similarly straight line, hovering between $1.50 and $2. It reached above the $2 mark several times, but couldn’t hold in there for long and submerged again with long periods in which they were headed in a downward direction.
After an article touting CTIX‘s stock on Seeking Alpha in Friday they climbed up a further 15% breaching the $2 mark yet again, going from the previous day’s close of $1.92 to $2.22 on a volume more than 10 times their average of 133 thousand shares. The total amount of shares that switched hands in Friday’s session came at around 1.6 million, which combined with the uprise in price generated a trade value of $3.4 million.
The Friday article featured in Seeking Alpha’s website main emphasis is the possibility of CTIX moving to higher exchanges alongside InVivo Therapeutics Holdings Corporation (OTCBB:NVIV) and Organovo Holdings Inc (NYSEMKT:ONVO). As you can see only 1 of these went on to be traded in the NYSE for now.
How long will it take for the other to catch up and is there a strong possibility of them doing so? It’s hard to tell, but one thing is for sure. The CEO of CTIX, Mr. Leo Ehrlich is attending meeting with NYSE, discussing the process and possibilities that CTIX have for being listed in the NYSE.
It is still uncertain if their anti-cancer drug Kevetrin is going to get the much needed FDA approval as it is currently in Phase 1 of its clinical trial at the Harvard Cancer Center (Dana Farber). The current testing will give answers on whether the drug works on humans the same way that it does on animals. The good news is that it will be triggering the activation of p53, a gene often referred to as the “Guardian Angel Gene”, which targets only infected cells, being more effective than current methods like chemotherapy.
Another good sign is that CTIX received an approval from the FDA for a 505(b)(2) designation of their anti-psoriasis compound Prurisol earlier this year, which is basically an approval of a New Chemical Entity (NCE)/new molecular entity (NME) or an approval for changes in previously approved drugs.
Will CTIX really have the vigor to make it to the NYSE or will they stay in the OTC Markets like another one of Mr. Ehrlich’s companies Statsure Diagnostic Systems Inc (OTCMKTS:SSUR), who were traded for as much as $1.5 per share in the end of 2008, but are currently as low as $0.050 is for the time to tell. Until more definitive news about CTIX‘s development come out be sure to do your due diligence and weigh out all the risks.
