Long investors in the penny stock of Cellceutix Corporation (CTIX) are finally seeing their patience pay off as they experience a September to remember. Since the beginning of the month, CTIX stock has rallied from 63 cents and volume of 83,000 shares to 1.18, nearly double, and a share volume increase of more than 17X. All the hype really began when the clinical stage biopharmaceutical company announced plans for European funded Leukemia Phase 1 trials for the Company’s novel anti-cancer drug, Kevetrin™, at Harvard Cancer Center’s Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center on September 10th.
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CTIX Stock Chart
Market Cap: 105.20M
Close: 1.15, up 0.30 (35.29%)
Dollar Volume: $1,437,230
Average Trade Size: 2,907
Issued and Outstanding: 91,476,067
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Although Cellceutix only had $100,000 in total assets as of March 31, 2012 to counterbalance more than $7.4 million in total liabilities, Monday’s news of a major university in Europe wishing to conduct clinical trials on Kevetrin™ sent the shares into a frenzy. The Company’s flagship anti-cancer compound is rumored to be tested at a European university which is ranked in the top ten of universities in Europe. Beacuse they wish to test Kevetrin™ as a combination therapy for leukemia with drugs proprietary to one of the world’s largest pharmaceutical companies, its almost as good as when Paris Hilton tweeted that she loved her PRVCY jeans which sent OMVE stock flying.
About CTIX Stock
On August 2, 2007, Cellceutix Corporation was assigned all right, title, and interest to three pharmaceutical compounds;Kevetrin, KM 277 and KM 278, by their inventors. The Company was assigned all right, title, and interest to an additional three pharmaceutical compounds on October 17, 2007, KM 133 KM 362 and KM 3174.
In July 2009, the Company was assigned all right, title, and interest to KM 732.In exchange for these compounds, the Company agreed to pay the inventors 5% of net sales of the compounds in countries where composition of matter patents have been issued and 3% of net sales in other countries. Kevetrin, KM 277, KM 278 and KM 362 were acquired from our President and director, Dr. Krishna Menon.
The Company filed a patent application for Kevetrin and intends to file patent applications for each of the other six compounds as funds become available.
Click here to view the SEC filings for CTIX.
Bottom Line: Biotech and biopharmaceutical penny stocks are great poppers when thier plans come to term. CTIX stock is no different with their planned phase I trials. Look for CTIX to have a pull back shortly and continually pop each time they announce positive reults regarding their trials.
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