Cellceutix Completes All Three Safety Pharmacology Studies for its Cancer Compound Required by the FDA Prior to Filing Investigational New Drug (IND) Application

BEVERLY, MA–(Marketwire – July 7, 2010) –  Cellceutix Corporation (OTCBB: CTIX) today announced that it has completed all three animal safety pharmacology studies for its cancer compound, Kevetrin™, that are required by the U. S. Food and Drug Administration prior to filing an IND. These studies involve assessments of the impact of the administration of a compound on the respiratory, cardiovascular, and central nervous systems of test animals.

Dr. Krishna Menon, Chief Scientific Officer of Cellceutix commenting on the results, stated, “Previous required testing on the respiratory and central nervous systems showed no significant neuropharmacological or biologically relevant effects. This set of cardiovascular testing coincided with those results with no significant effects at low, medium or high dosage levels. While there was a transient increase in heart rate at extreme dosage levels, we do not believe it will be of any significance going forward as even the highest dosages had no toxicological effects on ECG or cardiac rhythm.” Dr. Menon continued, “The completion of animal safety pharmacology studies presents a big milestone for Cellceutix. The remaining toxicology data necessary for preparing our IND should be received by late July.”

Multi-drug resistance, the principal mechanism by which many carcinoma strains develop resistance to chemotherapy drugs, is one of the primary reasons for ineffectiveness of standard cancer therapies on the market today. Treatments that were once effective at destroying cancer cells are being rendered ineffective due to specific strains of cancer cells that have modified their compositions to be resistant to today’s chemotherapy treatments. Kevetrin, a completely novel compound, is being developed as a possible solution for several strains of lung, breast and colon cancers that have been proving themselves resistant to the chemotherapy drugs presently available.

“The completion of these studies is a giant step forward,” said Leo Ehrlich, CFO of Cellceutix. ”We are excited to have advanced Kevetrin so far so fast while also developing our other compounds, especially KM-391 for autism. In the last few weeks, we have been visited by a major financial institution wanting to learn more about Cellceutix, as well as meeting with one of the world’s largest Pharmas who too wished to learn more about Cellceutix. We are excited that we are now attracting industry attention. I believe this is the start of an exciting time for our Cellceutix team and shareholders.”