BEVERLY, MA–(Marketwire – November 4, 2010) – Cellceutix Corporation (PINKSHEETS: CTIX) today announced that it has been awarded approximately $730,000 in total grants under the Qualifying Therapeutic Discovery Project program. Cellceutix was awarded a grant for each of its three active research programs. The Company’s lead program is Kevetrin™, which is being developed for drug resistant cancers. Cellceutix is also developing KM-391 for autism and KM-133 for psoriasis. Each grant amounted to slightly more than $244,000. The grants are awarded to therapeutic discovery projects that show a reasonable potential to (a) result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, (b) reduce the long-term growth of health care costs in the United States, or (c) significantly advance the goal of curing cancer within 30 years.
“We are extremely pleased to have received these grants, each at the maximum level,” said George Evans, CEO of Cellceutix. ”While increasing our financial flexibility, we also believe that these grants are a reflection of the high quality of our programs. The funds will allow us to complete the Investigational New Drug application for Kevetrin as well as accelerate pre-clinical trials for our autism compound, KM-391.”
Leo Ehrlich, CFO, in a statement, called the grant “a sign of recognition of the significant achievements at Cellceutix. Cellceutix believes we are ahead of the curve, even of the much larger pharmas that we compete against in developing treatments for resistant cancers, the autism spectrum, and psoriasis.”