BEVERLY, MA–(Marketwired – Jul 14, 2014) – Cellceutix Corporation (OTCQB: CTIX) (the “Company”), a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, is pleased to announce that a significant breakthrough has been made in the formulation of Brilacidin™, Cellceutix’s lead antibiotic in its portfolio of novel compounds called defensin mimetics. Previously, Brilacidin was stored in a refrigerated state. Cellceutix has stabilized the formulation of Brilacidin so that it is now stable at room temperature. This positions the Company to move forward with the immediate development of Brilacidin for the treatment of infected diabetic foot ulcers. Ophthalmic and otitic formulations will soon follow for ophthalmic and otitis media indications.
“I am very proud of our team and all that we have accomplished with Brilacidin in such a short period of time. We were confident from the minute we acquired the rights that our biological understanding of the compound would lead to different formulations to treat a broad spectrum of indications that are in dire need of efficacious therapies,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix. “The initial thrust of our efforts with this new formulation is centered on infected diabetic foot ulcers, a substantial market opportunity possibly in the billions of dollars. Given the global diabetes epidemic and fact that foot ulceration precedes 85 percent of diabetes-related amputations, many disciplines are researching new treatments, but with limited success. We are optimistic that the novelty and robust activity demonstrated by Brilacidin in infective wound healing could be the breakthrough drug that the world is looking for.”