Cellceutix Corp (OTCMKTS:CTIX) shares were up 4% on Friday to $1.30 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.95 to $1.96. The company has a market cap of $175.25 million at 125.11 million shares outstanding.
Cellceutix Corp is a clinical-stage biopharmaceutical company that is engaged in developing therapies with oncology, dermatology and antimicrobial applications. The company owns the rights to various drug compounds, including Kevetrin, which is its anti-cancer compound. It also owns rights to Prurisol (KM-133), which is in development for psoriasis, and Brilacidin, which is its drug in a class of compounds known as defensin-mimetics.
Its clinical trials focus on evaluating its drug candidates, including Kevetrin for the treatment of cancers; Prurisol for the treatment of psoriasis, and Brilacidin for treatments of skin infections, prevention of oral mucositis complicating chemoradiation treatment for cancer, and ulcerative proctitis. Cellceutix Corp focuses on developing small molecule therapies to treat diseases in the areas of cancer, antibiotics and inflammatory disease. Kevetrin is a small molecule compound that induces activation of p53.
Last week, Cellceutix Corp announced the start of its phase 2b clinical trial of oral Prurisol by selecting patients for the study. Prurisol is a novel dermatology compound in mid-stage development as an oral psoriasis treatment. The clinical trials involve a randomized, double-blind, multi-center study of more than 180 patients, with treatment groups including oral Prurisol 300 mg per day, oral Prurisol 400mg per day, and placebo for 12 weeks and a follow-up 4 weeks after treatment. The Psoriasis Ara and Severity Index will be used to evaluate primary efficacy in the current study. Secondary endpoints will also be added in the phase 2b study.
The start of this study is a key milestone for our psoriasis program, bringing us closer to the phase 3 registration program, and its results will further build upon the positive Phase 2 data reported earlier this year,” Arthur P. Bertolino, MD, PhD, MBA, Cellceutix Corp President.
Cellceutix Corp estimates it will conduct an interim analysis of 6-week data from the study during the second quarter of 2017 and full study results in the third quarter of 2017.
Another catalyst for an upside breakout is the company’s business update call for analysts and investors on Tuesday, November 15, 2016. This will include a corporate and financial update by Cellceutix Corp CEO Leo Ehrlich and a scientific and clinical presentation by Dr. Arthur P. Bertolino. Management will also be ready to answer questions from investors submitted in advance after the conference call. A webcast will also be available on the investor relations page of the Cellceutix Corp website.
Shares still seem to be on a downtrend on the daily time frame but it’s worth noting that Cellceutix Corp shares already moved past the former support at $1.20, which means that bullish momentum is carrying price past the area of interest. The next ceiling is located at $1.40 and a break past this level could take share prices to the $1.50 mark then onto $1.70. Volume is still subdued but the upcoming business update could draw more investor interest.
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