Cellceutix Corp (OTCMKTS:CITX) Moves Up To $1.50
For the past couple of weeks Cellceutix Corp (OTCMKTS:CTIX) has been rather volatile and any upwards move has been followed by a sizable drop. At least the stock was able to bounce off of its new 52-weeks low of less than $0.95 that was registered on October 23 and since then CTIX have been sitting comfortably above the 1 dollar mark. Last Friday the stock managed to close with a gain of over 10% reaching a price of exactly $1.50 per share.
There are many pennystocks that claim to be developing new drugs or treatments for various diseases The problem is that very few of them actually have the capital necessary to carry a drug through the required approval process. As a result quite a lot of the biopharmaceutical pennystocks fail to show any meaningful progress. CTIX is not one of them.
The company currently has four clinical programs. It plans to carry out a multi-arm study to evaluate the anti-cancer drug Kevetrin as a monotherapy and as a part of a combination therapy. On November 16 CTIX revealed more information about the combination therapy arm of the planned Phase 2 clinical trial. The company’s antibiotic candidate Brilacidin passed a Phase 2b clinical trial and now a Phase 3 program that is going to include two Phase 3 clinical studies with approximately 700 subjects in each study is being prepared.
At least for now the financial state of the company remains stable. According to the latest report filed by CTIX at the end of September they had:
• $7.77 million cash
• $8 million total current assets
• $7.5 million total current liabilities
• ZERO revenues
• $2.57 million net loss
Back in March the company entered into a stock purchase agreement with Aspire Capital Fund, LLC, with a remaining balance of $28.2 million.
Without an approved product and likely years of trials still ahead of them CTIX is not a safe choice. Investors should also take into account the lawsuits that was filed against CTIX by the Rosen Law Firm. The allegations in the lawsuit are similar to the ones found in an anonymous article that was posted on an investor website earlier this year.
When dealing with any pennystock company doing your own research is always for the best. Take all of the risks into consideration and never put unaffordable sums of money on the line.
