Cellceutix Corp (OTCMKTS:CTIX) Advances to a New 52-Week High

Cellceutix Corp (OTCMKTS:CTIX) may have broken its positive streak on Wednesday, but yesterday it more than made up for the 0.33% dip. The stock racked up quite the volume – 1.6 million shares, with a trade value of over $5 million, and surged 6.33%. CTIX hit a new 52-week high closing at $3.19.

The stock’s ascend should come as no surprise, as the company issued a press release yesterday. The PR disclosed some good news about the top-line results for the Phase 2b clinical ABSSSI trials. The trials began in February and CTIX announced that they are positive. According to the PR, due to this data CTIX has decided to begin Phase 3 ABSSSI trials in 2015. The company fails to specify when in 2015 exactly, so hopefully for investors, their next quarterly will shed some light on the matter.

The release also announced CTIX‘s intentions of taking part in a conference held in Denmark on April 25, 2015. There the company will give a presentation on the aforementioned Phase 2b clinical trials.

Until CTIX files its next 10-Q, let’s take a look at their latest available report – their 10-K. It covers the fiscal year ended June 30 and it shows numbers typical for clinical stage pharma companies. They showed substantial net loss and working capital deficit, and naturally, no revenues.

What potential investors should keep in mind is that the products CTIX is currently developing “are not likely to be commercially available for several years”. What’s more CTIX doesn’t expect to “complete the development of a product candidate for several years, if ever”. For investors these statements mean that they will have to get used to seeing similar figures in CTIX‘s coming reports, since they are unlikely to change any time soon.

Investors should familiarize themselves thoroughly with the details surrounding CTIX, before deciding whether or not to commit to its stock.