BEVERLY, MA–(Marketwired – June 08, 2015) - Cellceutix Corporation (OTC: CTIX) (the “Company”), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, anti-inflammatory and antibiotic applications, today provided shareholders an update on the status of the Company’s application to uplist to the NASDAQ exchange. Cellceutix last week learned that the application remains pending due to the price of CTIX stock currently below the minimum requirement.
Cellceutix wishes to reiterate its stance that it will not perform a reverse split to meet the higher share price requirement. The Company is of the opinion that a number of near-term pipeline developments will remedy any concern with an uplist on the merits of the continued strong fundamentals of Cellceutix.
Expected developments in the coming weeks and months include the conclusion of the Phase 1 trial of Kevetrin for solid tumors and initiation of mid-stage trials of Kevetrin for solid and liquid tumors; the ongoing Phase 2 trial of Brilacidin-OM for oral mucositis; and the start of the Phase 2 trial of Prurisol for psoriasis. Additionally, Cellceutix is meeting with the U.S. Food and Drug Administration in the upcoming weeks to discuss initiating a Phase 3 trial of Brilacidin for Acute Bacterial Skin and Skin Structure Infections.
“As a large shareholder myself, my intentions are squarely aligned with all CTIX shareholders and I will do what is best to grow corporate value,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix. “We believe our drug compounds are as valuable as any top drug candidates in development today.”