Cellceutix Corp (OTCMKTS:CTIX) an early stage BioPharma firm working on unique treatments with oncology, dermatology, antibiotic and anti-inflammatory applications updated shareholders on its status of uplist process on the NASDAQ capital platform. The company came to know that the application cannot be processed ahead as the price of CTIX is still below the minimum requirement.
The update
Cellceutix management informed that they will not approve a reverse split to reach the higher share price required for up listing on NASDAQ platform. They believe that there are various products in pipeline that will solve price concern. It indicates that the company wants to up list on the NASDAQ on basis of its strong fundamentals.
The developments
Cellceutix reported that they expect to complete Phase one study of Kevetrin for solid tumors, which will then be followed by mid-stage trial for liquid as well as solid tumors. They expect to make progress with the ongoing Phase II trial of Brilacidin-OM aimed for treatment of oral mucositis. The project list also includes the start of the Phase II study of Prurisol for treatment of psoriasis. Moreover, the company informed that it plans to meet the U.S. FDA to discuss on starting a Phase III study of Brilacidin for treatment of Acute Bacterial Skin and Skin Structure Infections.
The expert views
Leo Ehrlich, who is the Chief Executive Officer at Cellceutix Corp (OTCMKTS:CTIX), reported that as a large shareholder in the company, his goals are equally aligned with all other Cellceutix shareholders. He confirmed that he will take all essential measures to enhance value for shareholders. The management strongly believes company’s drug compounds are as precious and promising as any other top drug candidates in trial process today.
In last trading session, the stock price of CTIX declined over 3% to close the trading session at $2.75. The decline came at a share volume of 169,530 compared to average share volume of 226,084.
