BEVERLY, MA--(Marketwire - May 09, 2011) - Cellceutix Corporation (OTCQB: CTIX) (PINKSHEETS: CTIX), is pleased to report that it has submitted for review the "Investigator's Brochure and Clinical Protocol" sections of its Investigational New Drug (IND) application for Kevetrin™, Cellceutix's drug in development as a treatment for cancers, to the world-renowned hospital in which it expects to host its Phase I clinical trials. Upon review by the cancer center, Cellceutix will add the documents to the IND for submission to the FDA.
Leo Ehrlich, CEO of Cellceutix, stated, "I would like to congratulate the Cellceutix team including our many consultants, shareholders, and vendors on this important event. Yes, many thought it was impossible to accomplish what we have achieved. Not only have we have created a new chemical class and breakthrough in medicine; we completed this at amazing speed, about three years, and expect shortly to file our IND. We are working diligently to see Cellceutix flourish and believe the best is yet to come."
About Cellceutix
Cellceutix Corporation is a preclinical cancer, anti-inflammatory and autism drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, KM-133, for the treatment of psoriasis, and KM-391, 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, KM-133, 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.
