BEVERLY, MA–(Marketwire – Jan 3, 2012) – Cellceutix Corporation (OTCBB: CTIX) (“the Company”), a biopharmaceutical company focused on discovering and developing small molecule drugs to treat unmet medical conditions, is pleased to provide corporate updates on Kevetrin™, its novel drug in development for drug-resistant cancers, and KM-133, its compound being developed as a revolutionary psoriasis indication.
Cellceutix management announced today that it plans on having Kevetrin™, its anti-cancer drug, manufactured at a new manufacturing site in February 2012 for use in its planned clinical trials as discussed in Cellceutix’s press release from December 13, 2011. Cellceutix expects to commence clinical trials at the world’s leading cancer center early in 2012.
Regarding Cellceutix’s drug for the treatment of psoriasis, KM-133, the Company has optimized the drug and has completed writing the patent application. Cellceutix’s intellectual property law firm, Ladas & Parry, will now be filing of patents for KM-133. The Company will be interacting with the FDA regarding obtaining 505(b)(2) designation for KM-133 so it may be advanced immediately to Phase II clinical trials. Investors are encouraged to see the results of mouse model research in which KM-133 basically eliminated all signs of psoriasis as compared to controls. KM-133 contains an active moiety which has already received FDA approval and, as such, the Company believes will make it eligible for advanced human trials from the onset.
“We are very excited about 2012 as the year that we make our mark in the biotechnology world,” stated Dr. Krishna Menon, Chief Scientific Officer of Cellceutix. “The bankruptcy of Formatech, the drug formulation manufacturer for Kevetrin™, is a bit of a set-back, but the reality of drug development is that sometimes these things happen and it will only cost us a couple of months in the grand scheme of things. Ultimately, we are in an envious position with Kevetrin™ and are using the time now to move KM-133 quickly forward. Our pre-clinical data gives us confidence that we have developed the absolute best drugs that can trump all competitors for their respective indications and are confident that we will have our compounds for both drug-resistant cancers and psoriasis in human trials in 2012. Many eyes are upon us and they all want to see the stellar pre-clinical data validated with clinical trials. If the compounds produce like we think that they are going to, the value of Cellceutix should increase exponentially for our company and shareholders, making 2012 a banner year.”