Cellceutix Corp (CTIX)

Description:

Cellceutix Corporation, formerly known as EconoShare was incorporated on August 1, 2005 in the State of Nevada and was organized for the purpose of developing a B2B website for an Asset Sharing market place and transaction system. On December 6, 2007, EconoShare, Inc. acquired Cellceutix Pharma, Inc., a privately owned Delaware corporation with Cellceutix Pharma becoming a wholly-owned subsidiary of EconoShare, Inc. As a result of the Exchange with Cellceutix Pharma, Inc., the Company has adopted the business plan of Cellceutix Pharma, Inc. and now is into an early stage developmental biopharmaceutical Company. It has acquired rights to seven (7) different pharmaceutical compound candidates that are designed for treatment of diseases which exist, or might exist in the future. The Company would initially spend most of its efforts and resources on its anti-cancer compound, Kevetrin(tm), for the treatment of certain cancers. This compound is furthest along in in-vivo studies in small animals. Based on the results, the Company has decided to advance Kevetrin along the regulatory and clinical pathway. The Company's current portfolio of product candidates in pre-clinical development includes: (i) two (2) anti-cancer agents targeting multiple tumors; (ii) one (1) candidate targeting psoriasis; (iii) one (1) candidate targeting rheumatoid arthritis; (iv) one (1) candidate with potential for indications of osteo-arthritis/asthma; (v) one (1) candidate with a potential for indications of neurological disorders for the treatment of Multiple Sclerosis, Lou Gehrig Disease, and/or Parkinson's Disease; and (vi) a small molecule with potential for development to treat hypertensive emergency. Its product candidate, Kevetrin. Kevetrin is initially being developed to treat certain cancers. The Company is in the business of developing innovative small molecule therapies to treat diseases with significant medical need, particularly in the areas of cancer and inflammatory disease. The Company's compounds are still in preclinical development. It competes with biopharmaceutical firms in the United States, Europe and elsewhere, as well as a growing number of large pharmaceutical companies that are applying biotechnology to its operations. In the United States, drugs are subject to rigorous regulation by the United States Food and Drug Administration ('FDA'). The Federal Food, Drug and Cosmetic Act, and other federal and state statutes and regulations, govern the testing, manufacture, safety, effectiveness, labeling, storage, record keeping, approval, advertising and promotion of its products.