BEVERLY, MA–(Marketwired – May 27, 2014) – Cellceutix Corporation (OTCQB: CTIX) (the “Company”), a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, is pleased to report that the Company has signed material transfer agreements for compounds in its defensin mimetics portfolio with major university laboratories located in New York and New Jersey. These laboratories do significant government work and have expertise in anti-infective, anti-fungal and bio-defense applications. Cellceutix will be shipping the compounds to the university laboratories in the coming weeks. It is hoped that these collaborations will result in government assistance in developing the Company’s novel compounds for a broad spectrum of indications.
Separately, Cellceutix recently presented its defensin mimetics and antimicrobials at the facilities of one of the world’s largest pharmaceutical companies. Discussions are progressing towards a material transfer agreement as the pharma wishes to research the compounds for a variety of uses, although Cellceutix makes no assurances of a final agreement being reached.
At this time, due to competitive and confidentiality reasons, the names of the universities and pharmaceutical company will not be disclosed.
“The material transfer agreements are an important step in the development of our pipeline in addition to our ongoing clinical trials and laboratory research,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix. “We were very confident in the value of defensin mimetics when we acquired these assets last September and are extremely pleased that other leading organizations are recognizing the litany of potential uses for these unique compounds. The presentation at the request of the global pharmaceutical company went very well and we are hopeful to move forward with a material transfer agreement, with the understanding that these things take time when dealing with a large pharmaceutical firm.”