Agree with you chuck. Market cap of an enterprise increases because it is perceived or demonstrated that the enterprise is more valuable than it was previously, or will be more valuable tomorrow than it is today. The value of a commercial enterprise relates solely to its ability to generate a profit, or to sell assets at a higher price than they were acquired. In Ctix's case, which cannot currently generate a profit, the assets that can increase in value are drugs with the potential to be approved for marketing and sale, at a profit of course. The validity of the science behind these drugs are what will ultimately determine Ctix's market cap, not what exchange their shares are traded on.
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