On November 5, 2015 the Company issued one million
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Posted On: 08/01/2017 9:44:08 PM
On November 5, 2015 the Company issued one million stock options to a law firm for services, valued at approximately $432,000, based on the closing bid price as quoted on the OTC on November 5, 2015 at $1.36 per share. These options were issued with an exercise price of $1.70 and vested immediately, with a three year option term. These options have piggyback registration rights.
During the nine months ended March 31, 2017 and 2016, the Company had completed sales to Aspire totaling 5.3 million shares and 3.6 million shares of common stock generating gross proceeds of approximately $5.4 million and $5.0 million, respectively.
Cellceutix’s expenditures on Kevetrin were approximately $0.4 million and $0.7 million during the three months and nine months ended March 31, 2017, respectively.
ABSSSI - In February 2016, Cellceutix submitted a Special Protocol Assessment (SPA) request, along with a final protocol, to the FDA, for a Phase 3 clinical trial of Brilacidin for the treatment of Acute Bacterial Skin and Skin Structure Infection (ABSSSI) caused by Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA). We received from the FDA comments and considerations for incorporation into our study design. Management has decided to delay its response to FDA due to the low price per share of our common stock and the approximately $30 million costs required for this study which would result in significant dilution to our shareholders. Our strategy for now is to achieve success with other trials and attract partnering opportunities with significant down payments and milestone payments which can fund these trials.
Cellceutix’s expenditures on Brilacidin were approximately $0.5 million and $1.3 million during the three months and nine months ended March 31, 2017, respectively.
We generated no revenue and incurred operating expenses of $3.9 million and $3.7 million for the three months ended March 31, 2017 and 2016, respectively.
Read more: http://getfilings.com/sec-filings/170509/Cell...z4oYewxatC
During the nine months ended March 31, 2017 and 2016, the Company had completed sales to Aspire totaling 5.3 million shares and 3.6 million shares of common stock generating gross proceeds of approximately $5.4 million and $5.0 million, respectively.
Cellceutix’s expenditures on Kevetrin were approximately $0.4 million and $0.7 million during the three months and nine months ended March 31, 2017, respectively.
ABSSSI - In February 2016, Cellceutix submitted a Special Protocol Assessment (SPA) request, along with a final protocol, to the FDA, for a Phase 3 clinical trial of Brilacidin for the treatment of Acute Bacterial Skin and Skin Structure Infection (ABSSSI) caused by Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA). We received from the FDA comments and considerations for incorporation into our study design. Management has decided to delay its response to FDA due to the low price per share of our common stock and the approximately $30 million costs required for this study which would result in significant dilution to our shareholders. Our strategy for now is to achieve success with other trials and attract partnering opportunities with significant down payments and milestone payments which can fund these trials.
Cellceutix’s expenditures on Brilacidin were approximately $0.5 million and $1.3 million during the three months and nine months ended March 31, 2017, respectively.
We generated no revenue and incurred operating expenses of $3.9 million and $3.7 million for the three months ended March 31, 2017 and 2016, respectively.
Read more: http://getfilings.com/sec-filings/170509/Cell...z4oYewxatC
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