Cellceutix Corp (OTCMKTS:CTIX)
Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX)
Cellceutix Corp (OTCMKTS:CTIX) has changed its name and ticker. The company is now to be known as Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX). According to a press release by the company, the company believes that the new name is more consistent with the innovative nature of their drug candidates. The name change will have no effect on the ability of shareholders to buy/sell shares and, further, no action is required by shareholders before buying/selling shares in connection with the name change. Cellceutix Corp (OTCMKTS:CTIX) was changed to Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX) at the open of the OTCQB market on Friday, June 9, 2017. Some may want to note that a new Committee on Uniform Securities Identification Procedures (CUSIP) number was received in connection with the name change – #45782D 100.
Headquartered in Beverly, MA, the company formerly known as Cellceutix Corp (OTCMKTS:CTIX), and now known as Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX), is a clinical stage biotechnology company that develops innovative therapies for a number of conditions. Cellceutix/Innovation Pharmaceuticals is actively seeking partnerships to assist in the further development of Prurisol. Prurisol is now the subject of a Phase 2b study. The drug candidate addresses the indication of Psoriasis. Also in the pipeline is Kevetrin, an anti-cancer drug candidate that has recently completed a Phase 1 clinical trial at Harvard’s Cancer Centers’ Dana Farber’s Cancer Institute and Beth Israel Deaconess MedicalCenter.
In the laboratory, Kevetrin has been shown to induce activation of p53, often referred to as the “Guardian Angel Gene” due to its crucial role in controlling cell mutations. The company has also completed in a Phase 2b clinical trial for Brilacidin – an anti-biotic. The Phase 2 b trial was for the treatment of Acute Bacterial Skin and Skin Structure Infection. Reportedly, top-line data have shown that a single dose of Brilacidin can deliver similar clinical outcomes as a seven-day dosing regime of daptomycin. For this reason, the company believes that Brilacidin has potential to deliver superior clinical outcomes for certain multi-drug resistant “super bugs”.
Cellceutix Corp (OTCMKTS:CTIX), now Innovation Pharmaceuticals Inc. (OTCMKTS:IPIX), has no revenues and reported an operating income loss of $12.65 million in 2016.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.