Cellceutix Corp (OTCMKTS:CTIX) Climbing the Charts
In a matter of three sessions Cellceutix Corp (OTCMKTS:CTIX) gained 16.7%, and was back above $3. By the time of yesterday’s closing bell, CTIX was up 10% on a volume of 900 thousand shares, and is currently sitting at $3.34.
CTIX started the week by releasing several updates. On Monday the company filed a Form S-3 Amendment and its quarterly report for the first three months of their fiscal year. Then on Tuesday, it issued a press release.
Let’s start with the most recent news – the PR. It disclosed that the company plans to start enrolling patients for the Phase 2 clinical trials of the drug Brilacidin-OM for oral mucositis in December this year. Several clinical sites will be participating in the study, among which is the University of Texas MD Anderson Cancer Center. The PR then continues with updates on the development of CTIX‘s other drugs.
As we already mentioned, the company’s 10-Q was filed on Monday and it covers the three months ended Sept 30. For their Q1 CTIX reported the following:
- cash: $7 million
- current assets: $7.2 million
- current liabilities: $7.9 million
- no revenue
- loss from operations: $4.3 million
Quarter over quarter, there is a definite improvement with the financial numbers. Cash has increased, while the working capital deficit and the net loss have decreased. With CTIX being a biopharmaceutical company with no products on the market yet, the lack of revenues is hardly surprising.
The 10-Q shows the company is moving along with its clinical trials, but even so potential investors should keep in mind that CTIX‘s products currently under development “are not likely to be commercially available for several years, if ever”.
As for the Form S-3 Amendment, it was filed as a pre-effective Amendment No. 1 to the Registration Statement released on Oct 30. The Form S-3 would allow the company to raise up to $75 million in equity and/or debt financing.
Do your own due diligence and never invest money you cannot afford to lose.
