Letter to share holders and PR released! http:/
Post# of 72440
Posted On: 09/14/2015 8:51:31 AM
Letter to share holders and PR released!
http://cellceutix.com/shareholder-alert/#stha...bxzkM.dpbs
Shareholder Alert
On Friday we learned from a press release posted on Yahoo Finance and linked to our ticker symbol, that the Rosen Law Firm filed a lawsuit claiming (1) Cellceutix’s antibiotic drug candidate Brilacidin is ineffective; (2) Cellceutix’s anti-cancer drug candidate Kevetrin does not activate p-53 gene, which suppresses tumors; (3) Cellceutix’s co-founder and Director, Krishna Menon, did not earn his PhD in Pharmacology from Harvard University; and (4) as a result, Cellceutix’s public statements were materially false and misleading at all relevant times.
Since we have not been formally served with papers, I was interested to learn what evidence they uncovered. After all, we, the administration and shareholders of Cellceutix, spent many millions of dollars on our clinical trials at some of the best hospitals, clinics and laboratories in the country. When I read the complaint over the weekend on the Internet, the basis of their lawsuit relied on a third party article written by an anonymous short seller on Seeking Alpha website. It was a completely fabricated, malicious and inaccurate article that was meant to appear as if a real investigation was held, but the story’s intent was to frighten shareholders into selling their stock for the author and his patron’s own profit.
Our results have been scientifically verified and are not based on theory. The Rosen press release makes ludicrous statements which attempt to nullify the work of all these venerable hospitals , investigators and laboratories simply based on an article by a malevolent author who hides his identity.
Shareholders have noticed and we agree there are circumstances that raise suspicions around this action. 1. Shortly after the Seeking Alpha article appeared, Rosen issued a press release highlighting and linking the article to Cellceutix’s ticker, which helped to cause a precipitous decline in CTIX share price. This occurred too soon for any due diligence to be performed. 2. This law firm issued a press release to the public stating, for example, that Cellceutix’s antibiotic drug candidate Brilacidin is ineffective without having any supporting material. This is also the case with the allegations about Kevetrin and p53 when the clinical evidence supports our thesis of activation as measured by the p21 biomarker. This information has been presented at internationally recognized cancer conferences.
There is the last ditch attempt to cast aspersions on Dr. Menon’s credentials once again. Like the other spurious comments, we have already addressed this. Dr. Menon’s biography was incorrect on our 2009 10-K filing and was first corrected on our website in late 2009 and was stated correctly on our 2010 10-K filing (Oct 12, 2010). Rosen alleges that shareholders were damaged by the administrative error, which we find baffling. The CTIX share price during that year averaged less than 50 cents and traded on very low volume. For starters, I doubt any investor relied solely on that and not on the science of Cellceutix when making their investment decision, but I further question how any investor suffered a loss, especially during the timeframe of May 10, 2013 through August 6, 2015 as Rosen states.
We believe this suit is frivolous and without merit and filled with patently false information, and we will vigorously defend the Company. This matter will not distract us at all from the work and goals needed to grow Cellceutix into the formidable pharmaceutical company we know we can become.
Alerts:
Sign-up for Cellceutix email alerts is available at http://cellceutix.com/email-alerts/#sthash.CRfqSmmY.dpbs
Cellceutix clinical trials on Clinicaltrials.gov:
https://clinicaltrials.gov/ct2/results?term=c...rch=Search
About Cellceutix:
Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol “CTIX”. Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology and antimicrobial applications. Cellceutix believes it has a world-class portfolio of compounds and is now engaged in advancing its compounds and seeking strategic partnerships. Cellceutix’s anti-cancer drug Kevetrin is currently in a Phase 1 clinical trial at Harvard Cancer Centers’ Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center. In the laboratory 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 anti-psoriasis drug Prurisol is in a Phase 2 trial. Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix’s lead antibiotic, Brilacidin, has completed a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. Top-line data have shown a single dose of Brilacidin to deliver comparable clinical outcomes to the FDA-approved seven-day dosing regimen of daptomycin. Brilacidin has the potential to be a single-dose therapy for certain multi-drug resistant bacteria (Superbugs). Cellceutix has formed research collaborations with world-renowned research institutions in the United States and Europe, including MD Anderson Cancer Center, Beth Israel Deaconess Medical Center, and the University of Bologna. More information is available on the Cellceutix web site at www.cellceutix.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Cellceutix’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. Cellceutix has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Cellceutix’s need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock to Aspire Capital; the fact that Cellceutix’s compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in Cellceutix’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Cellceutix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
- See more at: http://cellceutix.com/shareholder-alert/#stha...bxzkM.dpuf
http://cellceutix.com/shareholder-alert/#stha...bxzkM.dpbs
Shareholder Alert
On Friday we learned from a press release posted on Yahoo Finance and linked to our ticker symbol, that the Rosen Law Firm filed a lawsuit claiming (1) Cellceutix’s antibiotic drug candidate Brilacidin is ineffective; (2) Cellceutix’s anti-cancer drug candidate Kevetrin does not activate p-53 gene, which suppresses tumors; (3) Cellceutix’s co-founder and Director, Krishna Menon, did not earn his PhD in Pharmacology from Harvard University; and (4) as a result, Cellceutix’s public statements were materially false and misleading at all relevant times.
Since we have not been formally served with papers, I was interested to learn what evidence they uncovered. After all, we, the administration and shareholders of Cellceutix, spent many millions of dollars on our clinical trials at some of the best hospitals, clinics and laboratories in the country. When I read the complaint over the weekend on the Internet, the basis of their lawsuit relied on a third party article written by an anonymous short seller on Seeking Alpha website. It was a completely fabricated, malicious and inaccurate article that was meant to appear as if a real investigation was held, but the story’s intent was to frighten shareholders into selling their stock for the author and his patron’s own profit.
Our results have been scientifically verified and are not based on theory. The Rosen press release makes ludicrous statements which attempt to nullify the work of all these venerable hospitals , investigators and laboratories simply based on an article by a malevolent author who hides his identity.
Shareholders have noticed and we agree there are circumstances that raise suspicions around this action. 1. Shortly after the Seeking Alpha article appeared, Rosen issued a press release highlighting and linking the article to Cellceutix’s ticker, which helped to cause a precipitous decline in CTIX share price. This occurred too soon for any due diligence to be performed. 2. This law firm issued a press release to the public stating, for example, that Cellceutix’s antibiotic drug candidate Brilacidin is ineffective without having any supporting material. This is also the case with the allegations about Kevetrin and p53 when the clinical evidence supports our thesis of activation as measured by the p21 biomarker. This information has been presented at internationally recognized cancer conferences.
There is the last ditch attempt to cast aspersions on Dr. Menon’s credentials once again. Like the other spurious comments, we have already addressed this. Dr. Menon’s biography was incorrect on our 2009 10-K filing and was first corrected on our website in late 2009 and was stated correctly on our 2010 10-K filing (Oct 12, 2010). Rosen alleges that shareholders were damaged by the administrative error, which we find baffling. The CTIX share price during that year averaged less than 50 cents and traded on very low volume. For starters, I doubt any investor relied solely on that and not on the science of Cellceutix when making their investment decision, but I further question how any investor suffered a loss, especially during the timeframe of May 10, 2013 through August 6, 2015 as Rosen states.
We believe this suit is frivolous and without merit and filled with patently false information, and we will vigorously defend the Company. This matter will not distract us at all from the work and goals needed to grow Cellceutix into the formidable pharmaceutical company we know we can become.
Alerts:
Sign-up for Cellceutix email alerts is available at http://cellceutix.com/email-alerts/#sthash.CRfqSmmY.dpbs
Cellceutix clinical trials on Clinicaltrials.gov:
https://clinicaltrials.gov/ct2/results?term=c...rch=Search
About Cellceutix:
Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol “CTIX”. Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology and antimicrobial applications. Cellceutix believes it has a world-class portfolio of compounds and is now engaged in advancing its compounds and seeking strategic partnerships. Cellceutix’s anti-cancer drug Kevetrin is currently in a Phase 1 clinical trial at Harvard Cancer Centers’ Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center. In the laboratory 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 anti-psoriasis drug Prurisol is in a Phase 2 trial. Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix’s lead antibiotic, Brilacidin, has completed a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. Top-line data have shown a single dose of Brilacidin to deliver comparable clinical outcomes to the FDA-approved seven-day dosing regimen of daptomycin. Brilacidin has the potential to be a single-dose therapy for certain multi-drug resistant bacteria (Superbugs). Cellceutix has formed research collaborations with world-renowned research institutions in the United States and Europe, including MD Anderson Cancer Center, Beth Israel Deaconess Medical Center, and the University of Bologna. More information is available on the Cellceutix web site at www.cellceutix.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Cellceutix’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. Cellceutix has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Cellceutix’s need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock to Aspire Capital; the fact that Cellceutix’s compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in Cellceutix’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Cellceutix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
- See more at: http://cellceutix.com/shareholder-alert/#stha...bxzkM.dpuf
(0)
(0)Innovation Pharmaceuticals Inc (IPIX) Stock Research Links
If you try to defend yourself against lies of the board moderators your post will be deleted. Just like the board they claim to be better than!!! Watch who you trust especially the "long term investors" that support the real attackers!
Scroll down for more posts ▼