Cellceutix Corp (OTCMKTS:CTIX) Making A Comeback

2015 was a rough year for shareholders of Cellceutix Corp (OTCMKTS:CTIX). Shares peaked at $4.74 in the beginning of last year and dropped all the way to $.94 in October. Damaging shares the most was a massive hit piece by an anonymous blogger on the website Seeking Alpha back in August. After that came ambulance chasing lawyers and the company was forced to defend its science, its integrity, and its business. But now the worst is behind Cellceutix. In February, the company's lawyers filed a motion to dismiss the Second Amended Complaint.Cellceutix is a clinical stage biotech developing drugs for several indications, including an antibiotic (Brilacidin) for acute bacterial skin and skin structure infections ((ABSSSI)) planned to enter Phase 3 studies, an anti-cancer drug (Kevetrin) planned to enter a Phase 2 trial for ovarian cancer, an oral non-biologic drug (Prurisol) for psoriasis that is wrapping up a Phase 2 trial, and an anti-inflammatory oral rinse (Brilacidin-OM) for oral mucositis that is currently in a Phase 2 study.Cellceutix has received for its ABSSSI drug a Qualified Infectious Disease Product (QIDP) designation from the U.S. Food and Drug Administration (FDA). Brilacidin-OM, an oral rinse formulation of Brilacidin, is being developed under a Fast Track designation from the FDA. Its anti-cancer drug has recently completed a Phase 1 trial at Dana-Farber Cancer Institute as a novel treatment for advanced solid tumors. Kevetrin has multiple FDA designations, including Orphan Drug for ovarian cancer and retinoblastoma and Pediatric Rare Disease for retinoblastoma. Its psoriasis drug is in a Phase 2 trial for mild-to-moderate plaque psoriasis and should have top-line data in May 2016.The latest news to send shares flying up the charts was the announcement on March 17 that the company had concluded the last patient visit in its randomized, double-blind Phase 2 trial of orally-administered Prurisol for the treatment of mild to moderate chronic plaque psoriasis. The unblinding of the study and top-line data is expected to be available in May. Although the data is still blinded, there were no safety items of concern. CEO Leo Ehrlich said:

"We eagerly await the Phase 2 results for Prurisol, now less than two months away. We do significant laboratory research before engaging in a trial. That may be a reason why we have successfully completed three different studies on three very different compounds. The need for newer, non-biologic drugs, especially those that are easily-administered and well-tolerated for hard-to-treat psoriasis, is considerable. AbbVie's recent $595 million deal with Boehringer demonstrates the level of interest among large pharmaceutical companies in novel psoriasis treatments. Outside of Celgene's blockbuster Apremilast (Otezla), a drug expected to generate over $1 billion annually, only a handful of orally-administered drugs currently are in the pipeline for psoriasis. Prurisol is now one step closer to the goal line. We look forward to sharing the Prurisol trial results once they become known to us."

Currently trading at a market cap of $213 million, CEO Leo Ehrlich needs to be commended for guiding the company through last year's crisis. He has advanced the company's pipeline while keeping dilution to a minimum. It's obvious he is building a solid foundation and has his shareholder's best interests at heart. We encourage the SEC to look into Mako Research as all of their assertions have been proven wrong. Many innocent shareholders got hurt as Mako profited from its short position. In the end, Cellceutix is not only making a comeback, but will be stronger when all is said and done. We see CTIX as one of the few pharma companies on the OTC markets on the verge of several multi-billion dollar developments. We will be updating Insider Financial as soon as we know more. For continuing coverage on CTIX, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in CTIX and have not been compensated for this article.