The "$30 mil figure" actually comes from Dr Bertol
Post# of 72444
Posted On: 07/14/2016 10:03:28 AM
The "$30 mil figure" actually comes from Dr Bertolino's interview with KarinCA.
The company needs to do another Aspire deal in order to fund the trial and they don't want to do it at current depressed share price, which will lead to a big dilution of the current outstanding shares.
Quote:
In my limited time so far at Cellceutix, I have been debriefed on all ongoing communications with the FDA and other pharmaceutical companies. I know that there is interest from different companies for different compounds in the pipeline. We are estimating that Phase 3 studies will cost approximately $30 million over about two years, which means we need to raise some additional capital to conduct that research and move forward with all the other drugs we're developing. I also believe that the Cellceutix share price is artificially depressed because of: a lawsuit that we believe was without merit yet took time and resources to reach its recent dismissal; and a generally negative bias towards the biotech sector on Wall Street.
The company needs to do another Aspire deal in order to fund the trial and they don't want to do it at current depressed share price, which will lead to a big dilution of the current outstanding shares.
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