BEVERLY, MA--(Marketwire - March 22, 2010) - Cellceutix Corporation (OTCBB: CTIX), a bio-pharmaceutical company that develops small molecules to treat cancer and inflammatory disease, today announced that it has concluded an agreement with Formatech, Inc. of Andover, Massachusetts, to formulate Kevetrin for a Phase 1 study. The terms of the agreement were not disclosed. Kevetrin will be presented as a lyophilized powder for reconstitution in saline solution at the time of use.
"This agreement allows us to stay on track for our IND filing," said George Evans, CEO of Cellceutix. "Formatech is a quality formulator and has been very flexible and responsive in meeting our needs."
Kevetrin is being developed to treat drug resistant cancers. The Company has recently reported that Kevetrin showed greater tumor shrinkage than standard therapies in animal models of resistant lung cancer, breast and colon cancer cell lines. For more information about these results, please visit the Cellceutix web site at www.cellceutix.com.
"We are very pleased to have been selected by Cellceutix to participate in this exciting research effort," said Indu Isaacs, Ph.D., CEO of Formatech. "We look forward to helping Cellceutix achieve its goal of reaching Phase 1 with Kevetrin as soon as possible."
Formatech is a contract service provider that delivers unique solutions to bio/pharmaceutical product development and manufacturing challenges. To learn more about the company and its services, visit www.formatech.com. Formatech's mission is to "Help make new drugs happen at the speed of science."
Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, and KM-391, which it is developing for the treatment of autism. More information is available on the Cellceutix web site at www.cellceutix.com.
This Press Release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which Cellceutix Corporation operates. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Cellceutix's actual results to be materially different from any future results expressed or implied by these statements. Actual results may differ materially from what is expressed in these statements, and no assurance can be given that Cellceutix can successfully implement its core business strategy and improve future earnings.
The factors that may cause Cellceutix's actual results to differ from its forward-looking statements include: Cellceutix's current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; Cellceutix's ability to implement its new product development and commercialization, enter into clinical trials, expand the intellectual property portfolio, and receive regulatory approvals in a timely and cost-effective manner. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in Cellceutix's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.
Kevetrin and KM-391 have not been studied in humans at this time. The Company's positive results in animal studies do not necessarily guarantee success in humans, though they may form the basis for beginning Phase 1 trials.