Cellceutix cancels remainder of $1 million preferred stock placement

Series A convertible preferred stock sold with five-year warrants

By Devika Patel

Knoxville, Tenn., Jan. 8 - Cellceutix Corp. cancelled the remaining $600,000 of a $1 million private placement of series A convertible preferred stock on Jan. 8, according to an 8-K filed with the Securities and Exchange Commission. Including the initial $100,000 tranche, which settled May 8, 2012, the company sold a total of $400,000 of the convertibles to date.

The preferreds were priced at $10.00 apiece and are convertible into common shares at a price equal to the lesser of 85% of the closing bid price on the date prior to each closing or 85% of the lowest bid price for the 15 days preceding the conversion.

Investors also received 100% warrant coverage, with each warrant exercisable for five years.

The biopharmaceutical company is based in Beverly, Mass.

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