Clinical stage biopharmaceutical firm Cellceutix Corp (OTCMKTS:CTIX ) that develops innovative therapies with dermatology, oncology as well as antimicrobial applications, has confirmed that it has signed $30 million stock purchase agreement with Aspire Capital Fund, LLC.
After the agreement, Aspire would be purchasing more than $30 million of the Cellceutix’s common stock over the next three years based on the market prices during the time of each sale.
The timing of the purchase would be depending on Cellceutix. Aspire Capital has done a similar thing with the firm two similar transactions.
Steven G. Martin, Managing Member of Aspire Capital Fund, LLC, confirmed that the firm is glad to continue the long-term relationship with Cellceutix with the new transaction.
During first time, Cellceutix made huge progress in development of assets such as Brilacidin, Kevetrin and Prurisol.
Martin added that the firm was happy with results from phase 2B trial of Brilacidin for ABSSSI. In addition, he expressed his faith in the company’s potential and upcoming milestones in the year.
Cellceutix has also stated that the Food and Drug Administration has approved the firm’s request for pre-Investigational New Drug meeting for discussing clinical development of topical defensin-mimetic compound for the indication of induction of remission of ulcerative proctitis.
Leo Ehrlich, Chief Executive Officer at Cellceutix, stated that he is satisfied on the continuity of developments in each aspect of the firm and attributed the same to the staff as well as partners.
He added that the lab studies have provided sanguine results that a unique defensin-mimetic may have a meaningful effect for patients in the multi-billion-dollar gastrointestinal disorders market.
He further stated that funds from Aspire along with more than $10 million in bank will place Cellceutix in strong financial position.