Cellceutix Wishes Shareholders Happy Holidays, Prepares for 2017 Focused on Partnerships
GlobeNewswire
Cellceutix Corporation, (OTCQB:CTIX) ("the Company"), a clinical stage biopharmaceutical company developing innovative therapies with dermatology, oncology, anti-inflammatory, and antibiotic applications, would like to wish all Cellceutix shareholders, their families and friends a happy and healthy holiday season.
In 2016, Cellceutix remained extremely transparent in keeping shareholders current on developments, including comprehensive updates via news releases and corporate presentations covering the status of clinical trials and anticipated milestones pertaining to those trials for 2017. The most recent corporate update is available at cellceutix.com
Looking ahead to 2017, we intend to remain laser focused on advancing our clinical pipeline with concurrent nurturing of relationships that can potentially lead to partnerships. Productive initial dialogue with major pharmaceutical companies in 2016 has already provided clear directions.
As an example of executing towards our goal, we are now actively engaged in our Phase 2b study titled "A Randomized, Double Blind, Parallel Group, Placebo-controlled Trial to Study the Efficacy and Safety of Two Oral Doses of Prurisol Administered Twice Daily for Twelve Weeks to Subjects with Moderate to Severe Chronic Plaque Psoriasis." Our budget for this study is approximately $6-$7 million. Management believes that achieving significant efficacy, as suggested by results already seen in our previous Phase 2a study, combined with a "clean" safety profile, would support value of the drug candidate at that stage of development in excess of $1 billion. Such potential for value inflection at key milestones during clinical development is part of the Company's strategy to remain alert to market trends where oral drugs for treating dermatological conditions and better drugs for treating cancer and irritable bowel diseases are being licensed/bought at record prices.
Details on the ongoing Phase 2b clinical trial for oral Prurisol in the treatment of moderate-to-severe psoriasis can be found at:
clinicaltrials.gov
Cellceutix wishes all a joyous holiday season. Thank you for the continued support.
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