Cellceutix Approved by FDA to Proceed with Clincal Trials on Novel Cancer Drug

BEVERLY, MA–(Marketwire – Jun 22, 2012) – Cellceutix Corporation (OTCBB: CTIX) (the “Company”), a biopharmaceutical company focused on discovering small molecule drugs to treat unmet medical conditions, including drug-resistant cancers and autoimmune diseases, is pleased to announce that the U.S. Food and Drug Administration (“FDA”) has completed the review of the Company’s Investigational New Drug (IND) application for Kevetrin™, the Cellcetix’s novel anti-cancer compound, and has yesterday informed Cellceutix that “we have completed the review of your submission, and have concluded that you may proceed with the proposed study.”

As previously disclosed, the Phase 1 clinical trials are slated to be conducted at Harvard Cancer Center’s Dana-Farber Cancer Institute and partner Beth Israel Deaconess Medical Center.

Additionally, the Company has received notification yesterday from both the Institutional Review Board and the Scientific Review Committee at the hospital that the protocol for the clinical trial has been approved.

Further details on the commencement of the clinical trials will be provided to shareholders next week.

To learn more about Kevetrin™ and the potent anti-cancer activity that it has demonstrated across multiple cancer lines, please visit our website.