Cellceutix Completes Cohort in Kevetrin Clinical Trial; Cheers to Ocata Therapeutics
BEVERLY, MA--(Marketwired - November 11, 2015) - Cellceutix Corporation (OTC: CTIX) (the "Company"), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, anti-inflammatory and antibiotic applications, is pleased to report that on Monday, November 9, 2015, the sixth qualifying patient in the present cohort received their third treatment of Kevetrin, our lead anti-cancer drug in a Phase 1 clinical trial for the treatment of advanced solid tumors, at 750 mg/m2. To wit, enrollment in the Kevetrin Phase 1 clinical trial is now closed to new subjects. The decision to formally conclude the trial will now be reviewed by the Company and Principal Investigator.
"We feel this news, which was disclosed in yesterday's press release on the filing of the Company's quarterly report with the Securities and Exchange Commission, may have been overlooked as the release was quite comprehensive. More than 40 patients have now been given Kevetrin therapy in the dose-escalation trial. We are impressed with the data to date, which was often updated to shareholders, and look forward to discussing the data from the recent cohort," commented Leo Ehrlich, Chief Executive Officer at Cellceutix. "This trial has provided us with more than sufficient data to continue to move forward with our planned Phase 2 trial of Kevetrin for ovarian cancer under an Orphan Drug designation from the FDA, which we hope to initiate in the first half of 2016."
Separately, Cellceutix would like to congratulate Ocata Therapeutics on their agreement this week to be acquired by Astellas Pharma for $8.50 per share in an all-cash transaction valued at about $379 million. Just as with Cellceutix, Ocata Therapeutics was recently the target of a nefarious, manipulative article published on the financial website Seeking Alpha by an anonymous short-seller using the pseudonym "Mako Research," making outlandish allegations about Ocata and their science in an attempt to drive the stock price down. The article titled, "Ocata: Dilution Imminent, SEC Investigation Potentially Underway, Office Appears Empty, Price Target $0.00" is very similar to the attack on CTIX. Cellceutix views this acquisition of Ocata by Astellas as validation of the illegitimacy and criminality of Mako's so-called research. Last evening, Ocata Therapeutics stock advanced 89% to $8.44. |
