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Karin thanks for the Link I look forward to listening.
I need to find a forensic accountant to wade through the messy financials.
Looks like Leon and co. are not shy in rewarding themselves.
350,000 plus 10 % each year on top of all those options and the spin off work to kard.
Did i read somewhere that they are broke and may need to sell shares to fund themselves.
I would be impressed if they took a pay cut and put a hold on rewarding themselves.
It looks like leo has been on the pump wagon.
Just my opinion Karin and again thank you for the Link.
For the fiscal years ended June 30, 2012 and 2011 and the period June 20, 2007 (date of inception) through June 30, 2012, the Company incurred $9,990, $1,227,731, and $2,601,110 of research and development expenses conducted by KARD, respectively. At June 30, 2012 and 2011 the Company has included a total of $1,685,515 and $1,780,515 in accounts payable to Kard respectively.
On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: Option Group A, a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vested on June 30, 2011 and 6 million options vesting on January 3, 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances. The Company has recorded $1,097,416 in stock based compensation during the year ended June 30, 2012 and $2,194,832 in stock based compensation during the year ended June 30, 2011.
Mr. Ehrlich loaned the Company an additional $997,047 which brought the balance of the demand note to $2,002,264. On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of $96,677 through December 31, 2010 into additional principal.
On May 8, 2012, in connection with the renegotiation of an outstanding loan to Mr. Ehrlich, the Company issued 2,000,000 Equity Incentive Options exercisable at $0.51 per share equal to 110% of the closing bid price of $0.46 per share on May 7, 2012. Options are valid for ten (10) years from the date of issuance.
I suggest that you check the filings and read them. menon has creamed off close to 3 million from ctix through kard.
Is he working for ctix or kard????
Can you not see the conflict of interest here???
Read the filings it will give you a clearer picture.
regards
How many of these shares where dumped in your opinion ???
112,208 Purchase Shares for the $100,000 and 336,625 commitment shares for entering the agreement.
In my opinion Aspire have cashed in their commitment shares around the same time leo was emailing everybody crying that ctix is under short attack manipulation. Its so easy to make a big song and dance and point fingers while aspire is dumping. Dont you worry aspire will milk the gravy train just as well as menon and his partner leo.
Good point well spotted.
Warm greetings to bubba. Menon the former vet surgeon in Jamaica is on the gravy train with ctix.
lets see how much he has creamed off ctix in the past 3 years.
350,000k plus 10% increase each year
approx 3 million through his company kard billing ctix for research services.
what exactly is ctix paying menon for if he is so busy being a lab rat with kard.
A quick little tot up would be in and around 4 million.
Where is all the aspire money going to???
Deep into menon and leos overflowing pockets.
Dont forget to give bubba my best wishes.
Thank you warm greetings to you kind Sir
Ctix with its 2 employees serving as the board and also having full time jobs else where should surprise you in the coming months.
They have told you they are going to massively dilute.
Massive retrace is on the cards and in my opinion this will crash below a dollar.
Off to bed nighty night.
In my opinion ctix or any other cancer treatment are no match to a good quality cannabis oil Indica with a high thc content 20% plus.
It really does cure cancer!!!!!!
"If kevetrin is shown to work in humans approval will most likely come very quickly."
Very bold statement.
How quickly is quick to you KarinCa????
10 years????
Not so easy to get approval.
CTIX HAS ALL THE ODDS STACKED AGAINST IT.
Its 15 years away from bringing anything to market.
15 x 350,000 = a nice little earner for Leo and menon. Plus all the side deals with Kard and options galore to beat the band.
Interesting article on life saving cancer drugs not approved by the FDA.
http://www.lef.org/magazine/mag2007/sep2007_cover_lscancer_01.htm
lol GO CTIX GO
Sounds great !!!!!!!!!1
.76 by march
2 employees who also are the board who also reward themselves with millions and will dump on ctix poor shareholders.
Watch and learn
Its painful to experience and I promise not to gloat when at 1.22 you will be saying why didnt I listen to that eddie
lol you get all pumped when they get 10million funding.
guess its ok that menon and leo are pocketing it all on their 350,000 salaries plus 10% increases. and menon has made close to 3 million through kard in the last 3 years.
wow
read the filings and see what a complete mess this company is in.
I will give you a tip.I have found the holy grail of a short.
CITX will go to 1.22 pause for a breath before it nose dives all the way back to late .70s.
How many employees does ctix have??
How much revenue???
Leo spending his time on chatboards crying to shareholders to write letters what a joke.
I plan on retire me early by riding this wave all the way down.
Lol have a nice day
Thank God for that.
It might help pay their extremely generous Salaries.
Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary for $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. In addition, the Company’s Board awarded stock options exercisable at $0.11 per share pursuant to the Company’s 2010 Equity Incentive Plan to each executive officer as follows: a total of 18 million options with 6 million options vesting on December 29, 2010, 6 million options vesting on June 30, 2011 and 6 million options vesting on January 3, 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances.
Very Happy new year to you ElisComing.
I have an inkling that MZEI may have a much better year.
Fingers crossed.
For the period since June 20, 2007 (date of inception) through September 30, 2012, the Company has had a deficit accumulated during development stage of $ 17,017,712 and a working capital deficit of $7,393,413 at September 30, 2012.
Is Leo diluting ????
The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements.
Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”).
Looks like Dr Menon is on a sweet little earner.
It wells worth reading the latest 10-Q
http://www.sec.gov/Archives/edgar/data/1355250/000154823312000021/Sept2012_10q.htm
Is Dr Menon getting paid a CITX salary then sending invoices from KARD. Seems very strange indeed.
It looks a right old convoluted mess with Dr Menon and Leo doing very well at shareholders expense.
Who owns KARD??????
As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies necessary for the Company to prepare an IND submission to the FDA. The Company does not have an exclusive arrangement with KARD. All work performed by KARD must have prior approval by the executive officers of the Company, and the Company retains all intellectual property resulting from the services by KARD. For the three months ended September 30, 2012 and 2011 and the period June 20, 2007 (date of inception) through September 30, 2012, the Company incurred $0, $9,990, and $2,601,110 of research and development expenses conducted by KARD, respectively. At September 30, 2012 and June 30, 2012 the Company has included a total of $1,685,515 and $1,685,515 in accounts payable to Kard respectively.
I think a return to .15 then .21 is more than achievable.
Bad news delays disappointments etc have all been priced in.
The only way is up from here.
Would love to hear more from Dr Shannon
Sound advice Karen
By the way love your tag phrase
"Be kinder than necessary, for everyone you meet is fighting some kind of battle."
I am going to make an effort to be nice as a result.
you are spot on Pepsiman
great Info KarinCa
Check out sykes website
Several brokers out there.
Interactive brokers are great but customer service isnt the best.
CTIX will pass 1.22 on its way to .76
Peruse your charts a little more and the penny might drop.
Do you realise that you can trade and make money both directions.
best of luck
Go CTIX
Chart play says 1.22 to me.
fundamentals say the company has no money
In the company's latest 10Q filing, the company's financial state was revealed. As of September 30, 2012, Cellceutix only had a total of $124,865 cash on hand. A fairly scary position for a company valued at $240 million. Also, comparing the company's total assets with its liabilities is somewhat concerning. The company's total assets was $140,836 and its total current liabilities was just over $7.5 million. Additionally, the company had a net loss for the three months ended September 30, of $680,000. The company had no revenue. Moreover, the company's research and development costs totaled just over $180,000.
So unprofessional by cry baby Leo
Become a lion Leo and set your legal team on these scoundrels.
Oh I forgot you haven't a penny to pay for the legal eagles.
"Interested parties are encouraged to call or email the office of the whistleblower at FINRA about the “THURSDAY MORNING PRE-MARKET ACTIVITY” and any other irregularity that has been observed. You should also inform them of any articles you notice bashing the company or new bashers that appear on message boards as these may be tied in to the individuals who were responsible for the market manipulation."
"In the company's latest 10Q filing, the company's financial state was revealed. As of September 30, 2012, Cellceutix only had a total of $124,865 cash on hand. A fairly scary position for a company valued at $240 million. Also, comparing the company's total assets with its liabilities is somewhat concerning. The company's total assets was $140,836 and its total current liabilities was just over $7.5 million. Additionally, the company had a net loss for the three months ended September 30, of $680,000. The company had no revenue. Moreover, the company's research and development costs totaled just over $180,000."
yes i agree with you.
you where saying similar things when mzei was trading at .21 and .28
Marshall has all the ducks lines up.
I am a buyer at these low low prices and hope Marshall will stand aside and realise that he is out of his league.
quack quack
Im betting that history will not repeat itself with this management screwing things up.
Garnick and his gentec pals moving to pphm was the hook that caught me.
But i do worry about this managements ability to get anything over the finish line.
Maybe they need to be hungrier and not so fattened up with excessive options and salaries.
By all means reward themselves when they deliver.
If they make another balls up they should call it a day and hand over the reins.
Cellceutix Is Due For A Hard Correction
December 28, 2012 | 97 comments | about: CTIX.OB
Disclosure: I am long CTIX.OB. (More...)
A lot of times in biotechnology, companies tend to have hyperbolic price action and investors are worried about missing the run. In most instances, they end up paying too high of a price only to see the stock sell off in the weeks after. It appears that Cellceutix (CTIX.OB) has had one of those runs and now may be the time to take profits.
Cellceutix is a development stage biopharmaceutical company, engaged in the discovery and development of small molecule drugs to treat diseases primarily in the areas of difficult to treat cancers, psoriasis, autism, and inflammatory disease. The full company's pipeline includes eight drugs, two of which this article will focus on. Those two drugs are Kevetrin and Prurisol.
Kevetrin is currently being tested as a treatment against advanced solid tumors. This is Cellceutix's most important drug and has already completed the first cohort in its Phase I trial. The second cohort will begin shortly and investors should keep their eyes out for a press release for that event. These trials are being conducted by Harvard University's world famous Dana Farber Cancer Institute. Beth Israel Deaconess Medical Center is also a partner in the trials.
The company does have a lot going for it. Kevetrin has shown a lot of promise in pre-clinical studies in its ability to activate P53 (The Guardian Angel Gene) without major toxic effects. But here is where the questions start to build up. The company has not even completed its Phase I trials and as of yesterday's close was valued at a $240 million market capitalization.
Just a few months ago, Cellceutix was trading for 50 to 60 cents per share at a healthy valuation of around $50 to $60 million. That made sense. But over the past few months, the stock has gone into the stratosphere because of a series of press releases and positive press releases. But the fundamental story has not changed. In the company's latest 10Q filing, the company's financial state was revealed. As of September 30, 2012, Cellceutix only had a total of $124,865 cash on hand. A fairly scary position for a company valued at $240 million. Also, comparing the company's total assets with its liabilities is somewhat concerning. The company's total assets was $140,836 and its total current liabilities was just over $7.5 million. Additionally, the company had a net loss for the three months ended September 30, of $680,000. The company had no revenue. Moreover, the company's research and development costs totaled just over $180,000. So in summary, the company doesn't have enough cash to even fund its research expenses. The company generated no revenue and has current liabilities that equal roughly 40x its total assets. So clearly the fundamental picture does not justify a $240 million market cap.
The company has not demonstrated that its science works in humans. That is always the biggest hurdle for a start-up biotechnology company to clear and most companies will fail. Even if the company succeeds, the end result is a long way out. It takes years to complete the Phase I through Phase III process. Along the way, companies face the hurdle of raising money since they are not generating revenue. Cellceutix faces this dilemma. Although the company recently struck a deal with Aspire for $10 million of capital, those funds won't last forever. And the company may be forced to issue additional shares, which would further dilute existing shareholders.
The chart below indicates the kind of parabolic run that Cellceutix has enjoyed over the past year.
(click to enlarge)
Even during the summer, the stock was trading for as low as 40 cents. The stock has gone from a $40 million dollar valuation to a $240 million valuation without generating a single dollar of revenue.
Some additional concerns are the fact that the company has not had its work peer reviewed in any medical journals. This is somewhat troubling for a company that appears to generate as much positive PR as any biotechnology firm on the street. On top of that, the company only has two employees. So investors must ask themselves if a company with only two employees, no revenue stream, no peer reviews, and no drugs that have been proven to work on humans should be valued at $240 million. For me the answer is no and I would expect the stock to have a hard price correction over the coming weeks.
Plenty of support between a dollar and 1.22.
Will add more in those regions.
The harder the pom pom pumping brigade work the more I am convinced we will see 1.22 again.
Not the end of the world and a great spot to accumulate in my opinion.
The main man Leo is busy writing letters to his shareholders asking them to complain about short attacks.Bad move in my opinion just gives them more ammunition.
My prediction is 1.22 this week
fdas Janet Woodcock new breakthrough drug pathway
http://www.biocenturytv.com/player/2000894425001/2003407966001
NOT MY PRICE FORECAST.
Thats what happens when fluff prs are released.
Until there is a firm agreement there is no agreement.
I hope everything does indeed run smoothly but in Biotech as in life not everything is plain sailing.
lEO CRYING TO HIS SHAREHOLDERS TO COMPLAIN ABOUT SHORT ATTACKS what a joke!!!!!
Releasing details of potential agreements before they are signed sealed and delivered is playing with fire.
Look at what the shorts did with no negative news and Leo cries like a baby to his shareholders.
Be professional. Pass it on to the legal team. Dont release fluff prs.
I respectfully disagree.
DrFeelgood I feel better already.
Its refreshing to find at least 3 posters who are fair and accurate in their posts.
Keep up the good work.
Hope the following links come in handy to those who are interested. Courtesy of Free the mice.
Updated list of websites with open access.
Happy New Year
There are many more here:
http://www.biomedcentral.com/journals
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American Journal of Cancer Research
http://www.ajcr.us/
American Journal of Clinical and Experimental Immunology
http://www.ajcei.us/
BMC Biology
http://www.biomedcentral.com/bmcbiol
BMC Cancer
http://www.biomedcentral.com/bmccancer/
BMC Immunology
http://www.biomedcentral.com/bmcimmunol/
BMC Infectious Diseases
http://www.biomedcentral.com/bmcinfectdis/
BMC Medicine
http://www.biomedcentral.com/bmcmed/
BMC Medical Imaging
http://www.biomedcentral.com/bmcmedimaging/
BMC Microbiology
http://www.biomedcentral.com/bmcmicrobiol/
BMC Molecular Biology
http://www.biomedcentral.com/bmcmolbiol/
Cancer Cell International
http://www.cancerci.com/
Cancer Immunity
http://cancerimmunity.org/
Cancer Medicine (brand new)
http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)2045-7634
Clinical and Developmental Immunology
http://www.hindawi.com/journals/cdi/contents/
Clinical and Translational Medicine
http://www.clintransmed.com/
EBMO Molecular Medicine
http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1757-4684
EJNMMI Research
http://www.ejnmmires.com/
Emerging Infectious Diseases
http://wwwnc.cdc.gov/eid/
Frontiers in Immunology
http://www.frontiersin.org/Immunology
Frontiers in Oncology
http://www.frontiersin.org/Oncology
Infectious Agents and Cancer
http://www.infectagentscancer.com/
International Journal of Biochemistry and Molecular Biology
http://www.ijbmb.org/contents.html
International Journal of Biomedical Imaging
http://www.hindawi.com/journals/ijbi/contents/
International Journal of Microbiology
http://www.hindawi.com/journals/ijmb/contents/
International Journal of Molecular Imaging
http://www.hindawi.com/journals/ijmi/contents/
The Journal of Biological Chemistry (Articles in Press only)
http://www.jbc.org/
Journal for Immunotherapy of Cancer (just started by SITC)
http://www.immunotherapyofcancer.org/
Journal of Oncology
http://www.hindawi.com/journals/jo/contents/
Journal of Translational Medicine
http://www.translational-medicine.com/
Leukemia Research and Treatment
http://www.hindawi.com/journals/lrt/contents/
Lung Cancer International
http://www.hindawi.com/journals/lci/contents/
Lymphoma
http://www.hindawi.com/journals/lymph/contents/
mBio
http://mbio.asm.org/
MicrobiologyOpen
http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)2045-8827
Neoplasia
http://www.neoplasia.org/index.php
OncoImmunology
http://www.landesbioscience.com/journals/oncoimmunology/
PLOS Biology
http://www.plosbiology.org/home.action
PLOS Genetics
http://www.plosgenetics.org/home.action
PLOS Medicine
http://www.plosmedicine.org/home.action
PLOS Neglected Tropical Diseases
http://www.plosntds.org/home.action
PLOS One
http://www.plosone.org/home.action
PLOS Pathogens
http://www.plospathogens.org/home.action
Radiation Oncology
http://www.ro-journal.com/
Translational Oncology
http://www.translationaloncology.org/
Vascular Cell
http://www.vascularcell.com/
Virology Journal
http://www.virologyj.com/
"So whether they sign or don't it makes no difference."
It would make a huge difference to the SP and shorts would have a field day.
They would drop the SP like a lead balloon well below 1.22
Do not be so naive !!!!!!!!!!!
Excellent Post KarinCa
It pays to care and not to take things for granted.Plans change,hiccups and delays happen.