Cellceutix Corp (OTCMKTS:CTIX) is a penny player in the biotech space that has been suffering of late. Shares have recently broken key support in the $1.10 area to test the dollar level. Management has responded with an update for shareholders that comes on the heels of the company’s recent monthly conference call with the three clinical sites conducting Brilacidin’s Phase 2 Proof-of-Concept (PoC) study as a new treatment for ulcerative proctitis/ulcerative proctosigmoiditis (UP/UPS), limited forms of ulcerative colitis (UC).
According to the company’s recent release, “site investigators report enthusiastic feedback from patients currently receiving treatment in the second cohort with Brilacidin at 100 mg daily (by retention enema) for six weeks —comments included how the treatment already has greatly improved or eliminated their symptomatic complaints, daily functioning and overall quality of life. There is significant interest by new patients wishing to participate in the third (final) cohort once enrollment opens.”
Cellceutix Corp (OTCMKTS:CTIX) trumpets itself as a clinical stage biopharmaceutical company that develops small molecule therapies to treat cancer, antibiotics, and inflammatory disease.
The company focuses on the development of compounds, including Kevetrin, an anti-cancer compound that has completed Phase I clinical trial; and Prurisol, an anti-psoriasis drug candidate that is in Phase II clinical trial.
It also focuses on the development of Brilacidin, an antibiotic candidate for the treatment of acute bacterial skin and skin structure infection, oral mucositis, and inflammatory bowel disease, and ulcerative proctitis/colitis; and defensin-mimetics for otic infections, diabetic foot infections, and hidradenitis suppurativa indications.
In addition, the company owns compounds, such as KM 391 for the treatment of autism; KM 277 to treat arthritis; KM 278 for the treatment of arthritis/asthma; KM 362 to treat MS/ALS/Parkinson’s disease; KM-3174 for the treatment of cancer; and KM-732 for hypertensive emergency.
According to press materials, “Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in multiple diseases. Cellceutix believes it has a world-class portfolio of first-in-class lead drug candidates and is now advancing them toward market approval, while actively seeking strategic partnerships… Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix’s anti-cancer drug Kevetrin … has shown to induce activation of p53, often referred to as the “Guardian Angel Gene” due to its crucial role in controlling cell mutations. Cellceutix is in a Phase 2 clinical trial with its novel compound Brilacidin-OM for the prevention of oral mucositis in patients with head and neck cancer. Brilacidin-OM, a defensin mimetic compound, has shown in an animal model to reduce the occurrence of severe ulcerative oral mucositis by more than 94% compared to placebo. Cellceutix’s lead antibiotic, Brilacidin, has completed a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. In an ongoing Phase 2 open label Proof-of-Concept trial, favorable interim results have been observed in the first cohort of patients treated with Brilacidin for Ulcerative Proctitis/Ulcerative Proctosigmoiditis (UP/UPS), two types of Inflammatory Bowel Disease (IBD).”
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Looking at the company’s recent data, Leo Ehrlich, Chief Executive Officer at Cellceutix, commented, “We unequivocally believe that Brilacidin can emerge as a novel drug in treating Ulcerative Colitis and other debilitating IBD conditions, which affect millions of people worldwide. Endoscopic assessments from the first cohort are particularly telling. We excitedly anticipate finishing the next two cohorts and sharing complete trial findings in the first half of 2017. Simply put, I believe that Brilacidin shows the potential to become one of the most sought after IBD drugs.”
Recent action has seen a bit less than -10% stripped out of share pricing for CTIX stock in the past week, reinforcing a longer standing distributive pressure in the stock. That said, CTIX is a stock who’s past is littered with sudden rips. Furthermore, the name has seen interest climb, with an increase in recent trading volume of topping 200% beyond its prior sustained average level.
Currently trading at a market capitalization of $130M, CTIX has a significant war chest ($5.6M) of cash on the books, which stands against about $2M in total current liabilities. The company is pre-revenue at this point. As more color becomes clear on the name, we will review the situation and update our take. For continuing coverage on shares of CTIX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
