Cellceutix Closing in on Human Trials with Kevetrin for Drug-Resistant Cancers as the Company Reports Progress on Toxicity Studies

BEVERLY, MA–(Marketwire – August 24, 2010) –  Cellceutix Corporation (OTCBB: CTIX) is pleased to announce substantial progress on the toxicology studies for Kevetrin™, the Company’s compound for the treatment of multi-drug resistant cancers. The Company has now received all data on the study in rats except for the pharmacokinetic data. The Company has also received the bulk of the data from the study in a second animal species. The remaining data is expected within two to three weeks. In preparation for the Investigational New Drug (IND) filing, Cellceutix is engaging additional consultation to move forward towards clinical trials with Kevetrin.

George Evans, CEO of Cellceutix, commented, “We are continuing to hit our targets at or ahead of schedule with Kevetrin. The pre-clinical data to date has been extremely encouraging and we expect that these final data are going to fall right into line.” Mr. Evans continued, “We are well aware of the significant impact Kevetrin can provide to patients in need if Kevetrin can perform in human trials as it has in the pre-clinical research. We are presently organizing the team for the IND and doing all possible preparation in order to submit the filing quickly once the final toxicology data is in our hands.”

“I have been closely involved in the development of several successful compounds in my 30 years in the industry and am extremely encouraged by the data that Kevetrin has produced,” stated Dr. Krishna Menon, Chief Scientific Officer of Cellceutix. ”The completion of pre-clinical studies creates a great deal of excitement for our team as we are anxious to see Kevetrin being utilized as a human therapy in the near future.”

All released research results for Kevetrin and other Cellceutix compounds are available on the Company’s website at www.cellceutix.com.