Cellceutix Stockholders Tour Company Facilities at First Annual Stockholder Meeting; Investors Express Support for Company and Disgust for Seeking Alpha Article
Marketwired Cellceutix
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BEVERLY, MA--(Marketwired - December 17, 2015) - Cellceutix Corporation (CTIX) (the "Company"), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, anti-inflammatory and antibiotic applications, today provides shareholders a re-cap of the Company's first Annual Meeting of Stockholders, held Tuesday, December 15, 2015 at the office building of Cellceutix's corporate headquarters in Beverly, Massachusetts. Cellceutix would like to thank all of the shareholders that attended.
"I was very pleased to see such a strong turnout of shareholders showing their support of our Company; it was a pleasure meeting face-to-face with everyone," commented Leo Ehrlich, Chief Executive Officer at Cellceutix. "There was a lot of dialogue about corporate development, our clinical pipeline and advancing the rest of our portfolio, but the one thing that really struck me was all of the comments about the enormous size of the 100 Cummings Center office building. Most of the shareholders attending had never seen the building or our offices and lab within them in person and they were completely misled by the article of an anonymous blogger on Seeking Alpha alleging we operate out of an empty office building. It really speaks to the impact that such a malicious, frivolous publication can have to confuse investors and try to impede development of new drugs that are critical to the people that need them. These unethical, anonymous authors don't realize the actual damage they do. If they can make a dollar, they don't care about hurting thousands of people. Interacting with CTIX shareholders, seeing their reaction to our office building and listening to their disgust with Seeking Alpha article simply further fuels my passion to create a monumental success in healthcare and fight to see that justice is served to the individuals behind that article."
A summary of the meeting's agenda, along with a shareholder comment during the meeting (marked with an asterisk), is provided below.
I. CALL TO ORDER AND WELCOMING REMARKS
A. Welcome and Introductory Remarks
B. Instructions on Rules of Conduct and Procedures
C. Establishment of Validity of Meeting
II. DESCRIPTION OF PROPOSALS TO BE VOTED UPON
A. Proposal 1: Election of Directors
B. Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm
C. Proposal 3: Approval, on an Advisory, Non-Binding Basis, of Executive Compensation
D. Proposal 4: Advisory Vote on Frequency of Future Votes on Executive Compensation
III. VOTING
A. Voting Procedures
B. Opening Polls
C. Voting on Proposals
D. Closing Polls
IV. REPORT OF MEETING RESULTS
The Secretary of the meeting, Mr. David Crandall of Hogan Lovells US LLP, announced the results of the voting.
"Each of the five nominees for election to the Board of Directors has received the requisite number of votes required for election. The proposal regarding the ratification of Baker Tilly Virchow Krause, LLP as the independent registered public accounting firm has been approved. The proposal regarding executive compensation has received the requisite number of votes for approval. The proposal regarding the frequency in which to hold future stockholder votes on executive compensation has been voted at one year. I will prepare a written certificate documenting the results of the voting and certain other matters."
V. ADJOURNMENT
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VI. QUESTIONS AND ANSWERS -Board and Auditors
*A suggestion was made to the Board of Directors and the Compensation Committee that executive bonuses, such as stock options and warrants, be contingent upon stock performance (the shareholder mentioned $3 per share for CTIX stock) and other corporate developments, such as uplisting to a senior exchange.
VII. MANAGEMENT- COMPANY PRESENTATION
1. Dr. Jorgensen's presentation discussed the Company's press release of December 14, 2015, which included:
Start of Kevetrin advanced study in ovarian cancer;
Start of Brilacidin ABSSSI Phase 3;
Start of Brilacidin for Ulcerative Proctitis proof of concept trial (phase 2);
Top line data on Kevetrin Phase 1 trial for advanced solid tumors;
Top line data on Prurisol Phase 2 trial for chronic plaque psoriasis;
Interim analysis for Brilacidin Phase 2 trial for Oral Mucositis;
Start of Retinoblastoma program, formulation and toxicity studies;
Additional ototoxicity studies with Brilacidin in different concentrations;
Gram- negative and anti-fungal progress;
Submission of grant application for study of Kevetrin in Pancreatic cancer with renowned hospital.
(See: http://cellceutix.com/cellceutix-first-annual-shareholder-meeting-december-15-2015/#sthash.apJz7TDR.dpbs)
2. Mr. Ehrlich read an email received the preceding day from a shareholder and his response.
Shareholder: My Son (6.5 Years Old) and myself, both shareholders in Cellceutix are cheering Cellceutix's Work.
Both of us would like to give thanks for hard work done and accomplishments achieved. We are truly impressed with how much is done with so little.
It is a rare opportunity and privilege to join & support... We have been here for over 5 years now as shareholders and we plan to be here for many years to come.
Hopefully, my son Tom will get a rare lesson as to what can occur when good intentions meet great minds, aligned interests and just a bit of 'Mazal' (luck).
Congrats for the First shareholders meeting, may the future ones bring wealth & health to our clients, and to all the long term shareholders.
Upwards and Onwards!
Cellceutix Response: Thank you to you and your son for being shareholders of CTIX. We are working hard to take this "over the finish line" and help make a huge impact in better treatments for the diseases we targeted. I want your son to be proud of being an early shareholder and helping with this goal. There are 7.3 billion people on earth at this moment. According to the Population Reference Bureau in Washington, there are 108 billion people that lived in history. If we are successful, it's because of shareholders like you and your son. You would have made a difference and have achieved a legacy that most will never achieve. Time will tell.
3. Mr. Ehrlich addressed shareholders about the Seeking Alpha article, "Please be assured that it is my expectation that the authors will pay a heavy price. I wonder why people would do such an obvious violation of law and think they will get away with it. Meetings have already been had with the SEC and are in progress with Federal and State law enforcement. These things take time. The wheels of justice may seem to take time to start rolling, but they will roll."
Management thanked shareholders for joining them at the shareholders meeting and for helping "in doing something great for this world."
VIII. Walk through by shareholders of Cellceutix's offices and labs
Shareholders were invited for a walkthrough of Cellceutix's offices and laboratories
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