With Contracts and IND in Hand, Cellceutix Nears Clinical Trials for New Cancer Drug

BEVERLY, MA–(Marketwire – Aug 1, 2011) – Cellceutix Corporation (OTCQB: CTIX) (PINKSHEETS: CTIX), a biopharmaceutical company focused on discovering and developing small molecule drugs to treat unmet medical conditions, would like to update shareholders on recent developments regarding the impending clinical trials for Kevetrin™, the Company’s novel anti-cancer compound. The contracts for the clinical trials to be hosted by a world- renown cancer center have been received and reviewed, and are slated to be back at the clinical site by the end of the week. The 3,000-page Investigational New Drug (IND) application has been reviewed and is ready for printing and binding. Stability testing has been completed for the manufactured materials in dose form and are now in hand for the commencement of clinical trials.

“It’s been a long road, but the light at the end of the tunnel is now bright,” commented Cellceutix CEO Leo Ehrlich. “As CEO and a significant investor in Cellceutix, I can’t possibly express how pleased I am with our position at this moment as we seek to make our mark on the future of cancer therapies. We are ready.”