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Leo should just sell-out and move on... Let others run the business that know how. I'll take 2 bucks rather than watch this continue to decline every week. There's no magical switch if this heads back to sub 1.00 range. And that's where this is heading as the shorts/off shores are in total control. Waiting for "corporate updates" is a disaster. News could not move this forward, so why should anyone invest here?
One tactical error by Leo (not up-listing) has cost the shareholders "millions" and has put in doubt whether this company can succeed. If there's no partnership deal, then good luck raising capital with a 1.39 PPS. Leo will be forced to do a RS, rather than doing so last-year when he had a higher PPS to work with.
A few questions for Kim at-the-stand...
Why the 2 hour rush to judgement without hearing/reading a response from CTIX?
At what period of time did you (Phillip Kim) become a follower of Mako on SA?
Do you believe Mako is a credible ENOUGH source to damage a company of 100 million (lost market cap).
luxe, Nice to read a different perspective on why the PPS continues to flounder. I'm in your camp regarding Aspire. They're in-the-business to make money and could care less about CTIX. Most of Aspire's clients are in the same boat. In fact, if CTIX receives a handsome partnership, then Aspire will not be needed. They don't want CTIX to succeed ASAP.
Really, What extreme to the upside have I displayed? I thought the stock could rally to 2 with good P results. That was an error as it reached 1.70's... Most here thought the PPS would rally if the Rosen case was dropped. I'm not a chart guy, but those that keep posting charts I notice a gap from this level down to 1.20. My cost basis is 2.05, which I'm not thrilled about, but hoping a partnership will turn this around.
Judging by the PPS, my posts have been as accurate as most here. Nice to read all-kinds-of opinions in an open forum... There's a reason why the PPS is at 1.48, everyone has their say...
KarinCA, how do you know Aspire has not been a toxic deal? They're selling to make a profit on discounted shares. Dilution levels have not gone up at a great rate, but eventually CTIX will need a ton of cash. A partnership would rid the need of Aspire... The terrible PPS points to two reasons... Pink sheets and the gifted shares to Aruda.
BigK, That's not true!!! Stock dropped 50 percent before the Mako hit-piece. Why, It's because the pretend CEO fumbled away an up-listing. Mako put icing on a downtrend that started EARLY 2015. Tired of reading excuses for Leo...
This is what happens when Leo starts being transparent again. Notice the increase in Leo emails the past few weeks. Throw in an anticipated "corporate update" and we're back to grasping at straws. I thought Leo learned his lesson?
Down 70 percent from end of 2014. All those shares bought in-the-red since then. Very few investors have gains right now. Most are down a high percentage.
Agree with your chart assessment. There's no indicator either-way, with the low being 1.20 area and the top 1.70 (6 month range). Clearly, the past few weeks the trend is lower. That's with outstanding news. So it's the pink-sheet market that continues to hold CTIX back. There's no other conclusion as dilution has been muted the past-year.
There's a big gap down to 1.20 from mid March. I'm not a chart guy, so lets hope things turn around. Should be much higher after all the news lately.
CTIX, The greatest investment on paper that doesn't translate into shareholder reward. Same old song and dance continues...
1.44, Downtrend continues, maybe Monday we'll see a corporate update?
You don't know the answer because it probably has never happened. GLTY
Every stock has risk, the question going forward is? Can this stock survive another downside under a buck? Not sure if anyone knows of any pink-sheet company, who have prospered after falling below 1.00 (3 times) within a year? After awhile, is staying on-the-pinks "with no exposure" worth the risk? We will see if Leo can turn this around with his next update?
Interesting article on the Rosen case by law360...
http://www.law360.com/articles/804929/biotech-co-dodges-shareholder-suit-over-hyped-drugs
Biotech Co. Dodges Shareholder Suit Over 'Hyped' Drugs
By Martin O'Sullivan
Law360, New York (June 8, 2016, 5:12 PM ET) -- A New York federal judge on Wednesday freed Cellceutix Corp. from a proposed shareholder class action alleging that the biotechnology company fraudulently hyped two of its drugs to inflate stock prices, saying the suit failed to show any dishonest statements by Cellceutix.
Shareholder Gary Zagami has not shown any deceitful statements by Cellceutix and co-founders Krishna Menon and Leo Ehrlich concerning the efficacy of two of its drugs, dooming his suit seeking to recoup losses from a sharp stock drop after an online report accused the company of being a shell corporation, according to U.S. District Judge Katherine Polk Failla. Zagami also failed to show that Menon lied about graduating from Harvard, the judge said.
“Plaintiff identifies a series of public statements made by Cellceutix and its officers and argues that subsequent statements made by the company and other information confirm the falsity of the original statements,” Judge Failla said. “Plaintiff’s allegations fail.”
Zagami had argued that a January 2015 press release falsely claimed that the drug Kevetrin was showing promise as a cancer treatment since it affected levels of a certain biomarker. Judge Failla rejected the argument, saying that Zagami can’t use securities law to dispute whether the biomarker is a reliable barometer in clinical cancer drug trials.
Judge Failla also turned down Zagami’s argument that the press release failed to mention that a clinical trial patient’s cancer had returned. The release that the patient showed higher levels of a certain biomarker, and that biomarker’s indication of cancer was simply Zagami’s opinion, according to the judge.
Zagami had argued that an academic conference poster for the antibacterial drug Brilacidin falsely claimed that the drug treated multiple strains of a certain kind of bacteria. The poster’s language, according to Judge Failla, did not specify the degree to which it treated that bacteria or which strains, leaving it in line with a later disclosure that the drug may not be effective on a broad spectrum.
Judge Failla also threw aside accusations that the company and its officers had falsely claimed Menon was a Harvard University doctoral recipient in order to pump up stock value.
A 2013 magazine article about Menon said that he had graduated from Harvard, when in fact he had went to Kerala University in India, the judge said. Zagami argued that this counted as a materially false representation, but Judge Failla said Menon did not have direct control over the article and was not directly quoted about Harvard.
“It simply cannot be the case that the author’s use of select quotes renders Menon strictly liable for every other piece of information (or misinformation) the author chose to include,” Judge Failla said.
Judge Failla did not give Zagami a chance to fix the complaint since he had already done so previously, she said.
The suit was initially filed in September by shareholder Nicole O’Connell, who was replaced by Zagami later that month.
The proposed class members said they had suffered large losses from a precipitous stock drop that occurred after an August article by financial market website Seeking Alpha claimed that Cellceutix stock was “dangerous” due to alleged fraud.
Michael Sullivan, an attorney for Cellceutix, told Law360 on Wednesday that he was pleased that the court had dismissed the case, which he called “frivolous” since its filing was authorized by O’Connell within hours of the anonymous Seeking Alpha article.
“This type of strategy by short traders undermines the integrity of the market,” Sullivan said. “Hopefully the SEC and the Department of Justice are putting sufficient resources against these types of illegal market manipulations.”
Counsel for Zagami did not respond Wednesday to a request for comment.
Zagami is represented by Phillip Kim and Jonathan Stern of The Rosen Law Firm PA.
Cellceutix is represented by Michael J. Sullivan of the Ashcroft Law Firm.
The case is Zagami v. Cellceutix Corporation et al., case number 1:15-cv-07194, in the U.S. District Court for the Southern District of New York.
--Additional reporting by Carmen Germaine. Editing by Patricia K. Cole
And if Aspire goes under, it would take CTIX with them. That's another mistake Leo has made. Not having multiple lenders and one who is not rated in the real financial world. Does Aspire have a website?
Aspire is not what I call a sound institution for lending. Does anyone know if they're even rated?
Yes, eventually if you cannot show promise in the PPS direction, don't expect continued support. The only thing holding this company up are individual investors with hope... There's no outside investment in this stock. The ownership filings points this out.
My position has always been up-listing as the top priority. Everything revolves around the market CTIX trades on. Since CTIX has zero cash, they're line-of-credit is being supported by a corrupt market? Pretty amazing they've held up this long without going bankrupt.
All depends what you think a great job is? The PPS is the main factor for some investors. There's plenty of other stocks to choose from that have as much promise/hope. Eventually, Leo will have to make a decision if staying on-the-pinks will be worth it. We're heading closer to that decision as the PPS drifts back to a buck.
I keep bringing it up because Leo seems to get a free pass around here. We're now back to waiting for "corporate updates" to hopefully reverse the downward trend. Real news doesn't move the stock, so we'll see what the leader says in a few days? It all comes down to no interest in this security. Why? 1.47 plus pink-sheets equals disaster...
The terrible PPS lies in Leo's hands now. He's the one who failed to up-list last-year, so we continue to rot in Hell on-the-pinks. Can't blame Mako no more...
1.10 range by years end if there's no partnership. I see this being range bound 1.35 to 1.50 for awhile... Not enough interest in this security to move above 2. Any rally has been short lived this entire year. 2.50 if they strike a good partner.
Case took 6 months to reach a settlement, so we'll see if Rosen wants to battle or not?
The Rosen Law firm, on behalf of the Plaintiffs, reached a settlement with Galena officers and directors after the parties engaged in hard fought and arm’s length settlement negotiations before a former U.S. district judge in two mediations over six months. The Court’s decision rejecting Galena’s arguments gave the Plaintiffs excellent negotiating leverage. The proposed settlement
is for $20 million, consisting of $19 million cash and $1 million in Galena stock. If approved,it will be one of the largest
settlements in a stock promotion case. The case continues against the promoters.
I also forwarded it to Ashcroft (Att: Michael Sullivan)... It's a good starting point for sanctions (20 million)... Taste of their own medicine..
Interesting that Rosen tries to reap the rewards from scams/foul-play, yet, what they did to CTIX was the ultimate sin... Kim should be jailed and Leo should be awarded 20 million... To support/sue (2 hours) after a bogus article (Mako) where CTIX was defenseless is guilty in the first degree!!!
KarinCA, Can you forward this to Leo? 20 million, so what's 100 million in lost market cap worth? And, Rosen is guilty as hell...
http://www.rosenlegal.com/media/news/629_Galena%20Biopharma%20Newsletter-PRINTS.pdf
Settlement
-
The Rosen Law firm, on behalf of the Plaintiffs, reached a settlement with Galena officers and directors after the parties engaged in hard-fought and arm’s length settlement negotiations before a former U.S. district judge in two mediations over six months. The Court’s decision rejecting Galena’s arguments gave the Plaintiffs exellent negotiating leverage The proposed settlement
is for $20 million, consisting of $19 million cash and $1 million in Galena stock. If approved,it will be one of the largest
settlements in a stock promotion case. The case continues against the promoters
Rosen trying to get 20 million for pump and dump case. Well, what comes around goes around. I mentioned last-week Leo/Sullivan should start sanctions at 20 million. Any settlement should be 5 million minimum!!!
Current Rosen Case pending 20 million settlement? Now if this case can potentially be worth 20 Million in favor of Rosen, then CTIX's should be more...
http://www.rosenlegal.com/media/news/629_Galena%20Biopharma%20Newsletter-PRINTS.pdf
Most are willing to see if the PPS can "climb accordingly" if a partnership is announced. However, if the PPS level cannot rally/sustain a needed buffer, it will bring up more RS chatter. Just my opinion, remember just because the stock may trade above 2, it still does not make sense to up-list until firmly above. Why risk being de-listed? They have an alternative with the Amex Exchange...
A RS worked for AIG, as long as you have positive events surrounding the split. If Leo announces a partnership, 4 for 1 RS with an up-listing the stock rockets. I'm all for not doing a RS, but eventually you must show a better PPS level, or nothing matters.
Standard 3 Amex Exchange is an option!!! Some of us mentioned this last-year where Leo could have up-listed easier. Then move to the Nasdaq later on if he chooses?
http://www.ehow.com/list_5904003_amex-listing-requirements.html
Standard 3
Under this standard, the company needs to meet a minimum of $50 million in market capitalization. Market capitalization refers to the market price of the entire company. This is calculated by multiplying the number of shares in investor hands by the market price of the stock. Similar to standards 1 and 2, the company must meet a minimum $15 million market value public float and a minimum of $4 million in shareholder equity. Lastly, its share price must be at least $2.
OK, It's great news, my responses were from posts earlier. There's no issues I have with company progress, my whole problem is with the company not having a strategy to move the PPS higher. Maybe, the next corporate update will show a "real business" plan? This involves financing, hiring and marketing...
Hopefully, Leo doesn't tip his hand (shorts) with the next application to up-list. He blew it last year, should have up-listed when the stock traded above 3 for 5 months. Now, he's trapped in quicksand. There is another alternative and that's the AMEX exchange... Some of us mentioned this also, but Leo was determined to believe the price would/will rise.
Yes, Unless Leo wants to up-list to the AMEX market. They're minimum standards are less severe. The shorts won't allow this stock to prosper on the pinks... Last 4 PR's are prime example.
Difference between OTC and pink sheets... Loanranger will fill you in...
There's no interest in the shares because it trades on a bogus market. The only way off the pinks is to qualify for an up-listing. So it's either a RS or continue to die on pink-land... We will see if Leo can move this forward for the 50th time now... 50th corporate update due any day.
Bid 1.43 ASK 1.48, and this is where (pink-sheets) Leo wants to raise money on? And some say an up-listing won't matter? LOL