Ready, Set, Go…Cellceutix Prepares for Clinical Trials (CTIX)

In a news release this morning, Cellceutix (OTC: CTIX) updated shareholders on the progress of clinical trials scheduled for its anti-cancer drug, Kevetrin. The trials will be conducted at Harvard’s Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center. Earlier in the month, the company had amended the clinical protocol for the drug, which the Institutional Review Board had to approve. Cellceutix received word that the IRB met and preparations have begun at the two hospitals for the commencement of clinical trials. The company expects it will take three weeks before the first patient receives the drug.

Though not unexpected, the news sent buyers off the sidelines. Perhaps traders were still wiping the sleep from their eyes as the stock open unchanged from the close on Friday at $0.85. The first trade of the day also marked the low for the session. The lack of excitement did not last long and buyers took shares 24 cents higher in the first 90 minutes of trading. After trading sideways for most of the afternoon, buyers poured in during the last hour of the trading session and drove shares to a new annual high of $1.18. When the closing bell rang, the stock registered a gain of more than 35% to close up 30 cents at $1.15. Over 1.4 million shares exchanged hands during the day, which easily eclipsed the average daily volume of 350,000 shares..

In starts and fits, the stock has gradually climbed over 300% in the last year. Almost 12 months ago, shares traded at a 52-week low of $0.30. In the last two days alone, the stock has chalked up a gain of over 50%. This month has seen the heaviest volumes recorded in the stock over the last 12 months.

The Kevetrin trials at Harvard have not been the only news to stir the interests of traders. Two weeks ago, the company announced it was in discussion with a major European University wanting to conduct Kevetrin phase 1 trials in combination with other therapies for treating leukemia. A sponsorship by a university could save Cellceutix millions of dollars in clinical trial expenses.

After selecting a manufacturer for the drug Prurisol, Cellcuetix said it was ready to start phase 2/3 trials in the treatment of psoriasis to be held at clinics in the United States and Europe. The company plans to begin clinical trials upon completion of the manufacturing process for the required doses.

On September 11, 2012, CEO Leo Erhlich and Chief Scientific Officer Dr. Krishna Menon presented at the Rodman and Renshaw Annual Global Investment Conference.

Cellceutix is biophamaceutical company that focuses on developing and commercializing its anti-cancer compound, Kevetrin, plus other anti-inflammatory therapies. The company’s drug pipeline ready for trial includes two anti-cancer drugs that target tumors, one for rheumatoid arthritis, another for treating psoriasis, and a compound potentially suited for treating neurological disorders like multiple sclerosis and Parkinson’s disease. The Beverly, Massachusetts, company was founded in 2005.

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Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email (alanmasterson@wallstreetpr.com) or his Google+ page (https://plus.google.com/103338576216002376250).

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