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By Annette Thatcher
Nov 28, 2014

The Excitement Around Cellceutix, Corp. (CTIX) Quickly Fades Away

Cellceutix, Corp. (CTIX) issued a press release earlier this week, announcing the company has completed the ninth cohort in its phase 1 clinical trial of Kevetrin for advanced solid tumors. The trial is being conducted at Harvard University's Dana-Farber cancer institute and Beth Israel Deaconess medical center. CTIX made an optimistic prognoses for the upcoming month of December and disclosed the plans for the phase 2 clinical trial of Brilacidin-OM for oral mucositis, scheduled to commence in the second week of December.Cellceutix, Corp. stock chart

The ticker made a slight climb up after this news came out, gaining $0.18 in price to further cement its position over the $3.00 mark. On Wednesday, however, CTIX made a slight correction on a very low trading volume. Much like other previous news, this announcement did not help boost CTIX stock much.

The recent history of the company has been marked by relatively stable price and volume levels. While this may not be a bad stat in itself, stagnation is not good in the long run, as it gives no perspective on investing in the company. For a better long term idea of Cellceutix's potential, investors can consult CTIX's 10-Q disclosure for the period ended September 30, 2014:

  • Cash: $7 million
  • Total current assets: $7.2 million
  • Total current liabilities: $7.9 million
  • Revenues: $0
  • Net loss: $4.3 million

The company has further improved its cash and asset base, nearing a parity on its asset to liability ratio. However, CTIX has yet to make any revenues since its inception, which is a major red flag. The high net loss the company has incurred in the last quarter is another downside.

CTIXAs of September 30, Cellceutix owed $2,022,000 under a promissory note previously issued to the company's CEO Mr. Leo Ehrlich. At September 30, there were 38,937,500 exercisable options and 2,248,000 exercisable warrants. On October 1, CTIX entered into a common stock purchase agreement with Aspire Capital Fund, LLC, pursuant to which the company raised $1,914,000 from the sale of 800 thousand shares of common stock.

With the lack of input and updates from the company as of late, it may not be a surprise that CTIX stock has been floating around the same level with no foreseeable change of direction. Investors, who are interested in the company, should do their own due diligence and risk analysis before making an investment in its shares.

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Article Comments:

Guest wrote: 12:01 pm Dec 31, 2014
Guess you missed the boat on this run too!