BEVERLY, MA – March 4, 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, is pleased to report to its shareholders that the Company has signed a Confidential Disclosure Agreement with the leading research and cancer treatment center in New York City for the licensing of a novel new compound. The Company was alerted to this compound by its scientific advisor, Dr. Samuel Danishefsky. The compound is interesting to Cellceutix in that it potentially treats illnesses associated with Cancer. An example of such a drug would be Neupogen© by Amgen. The compound is not a drug for tumor regression and possibly could create a whole new market for Cellceutix. There is no assurance that a full-fledged licensing and collaboration agreement will be executed with the Cancer Center.