Company beginning process to move to national securities exchange.
Beverly, MA— August 12, 2013 – Cellceutix Corporation (OTCBB: CTIX) (the “Company”), a clinical stage biopharmaceutical company focused on discovering small molecule drugs to treat unmet medical conditions, including drug-resistant cancers and autoimmune diseases, announces today that the Company is on track to commence a clinical study for its anti-psoriasis drug Prurisol™. The Company has completed and submitted all regulatory documents necessary for the clinical study and anticipates receiving the regulatory documents this week allowing for the importation of Prurisol™ into Europe to begin the clinical study.
“We are pleased to inform shareholders that we have now completed the regulatory matters necessary for a clinical study of Prurisol and that we have been notified by our contract manufacturer, Dr. Reddy’s Laboratories (RDY), that Prurisol is ready for shipping to the clinical site,” Leo Ehrlich, CEO at Cellceutix stated. “We are planning to have the drug shipped in August and the trial to commence shortly thereafter. The clinical site has been notified to begin patient recruitment. We are optimistic about the potential for Prurisol™ to reproduce the laboratory results which showed the drug to effectively eliminate all signs of psoriasis.”
In other news, Cellceutix’s clinical trial of its anti-cancer drug Kevetrin™is progressing and is presently in the dose escalation phase as maximum tolerated dose (MTD) has not yet been reached. The testing for p21, a biomarker study at the Harvard Cancer Center lab has not yet begun. Dr. Krishna Menon, Cellceutix’s Chief Scientific Officer commented, “We understand that there were internal priorities at the lab and because these are very sophisticated and complex tests, the process can be detailed and somewhat time consuming. We are hopeful that these important biomarker studies will soon be processed and when they are, we will share those results.”
The Company is also pleased to report that it is currently planning to uplist (moving from an over-the-counter stock to a national securities exchange like NASDAQ-CM or NYSE-MKT). “Due to the Company’s strong financial backing from our $10 million equity line from Aspire Capital, and further progress in our clinical trials, we are intending to move to a senior exchange,” commented Leo Ehrlich, CEO. “Over the coming weeks we will be interviewing for the positions of independent directors to meet the requirements for an uplisting which we hope will increase liquidity and unlock inherent value in our stock. We will be presenting at the Rodman and Renshaw Annual Global Investment Conference in September where we will discuss in detail the Company’s progress, growth objectives and plans for 2013- 2014.”