BEVERLY, MA--(Marketwire -04/04/12)- Cellceutix Corporation (OTC.BB: CTIX.OB - News) (the "Company"), a biopharmaceutical company developing small molecule drugs to treat severe medical conditions, including drug-resistant cancers, is pleased to provide shareholders an update on developments with its novel anti-cancer compound Kevetrin™.
On Sunday, April 1, 2012, Cellceutix presented a poster on the potent anti-tumor effects in several wild type and mutant p53 human tumor xenografts at the American Association for Cancer Research (AACR) Annual Meeting in Chicago, IL. The poster, entitled "Kevetrin™ targets both MDM2-p53 and Rb-E2F pathways in tumor suppression," was well-received and sparked conversation with the world's leading biotechnology companies as they stopped to discuss the upcoming clinical trials for Kevetrin™ with Cellceutix Chief Scientific Officer Dr. Krishna Menon and other Cellceutix scientists. The poster is available for viewing at www.cellceutix.com.
"Many of the representatives of major pharma companies that have spoken with us previously came to visit with us and get updated on Kevetrin's status," said Dr. Menon. "Others seemed surprised to find a small molecule with such multi-faceted effects on cancers of various types. I was enthused to have engaged with so many bright minds from such diverse backgrounds and to have the opportunity to present our new findings on Kevetrin™ at the AACR meeting again."
Additionally, Cellceutix has been informed that everything is on schedule with the quality control (QC) and stability studies on Kevetrin™ required for the upcoming clinical trial. The Company anticipates the QC and stability study reports to be completed at the end of April at which time the data will be included in the amended Investigational New Drug application which will be filed with the U.S. Food and Drug Administration.
Chief Executive Officer Leo Ehrlich commented, "Everything is right on track and the day of clinical trial commencement is approaching. Although there was a mild delay, the bottom line is that we have built a strong name for Cellceutix and Kevetrin™; are slated to sponsor our clinical trials at the world's most prestigious cancer research hospital; and are being engaged by some of the biggest names in biotechnology today. Cellceutix shareholders should look forward to what we anticipate will be an exciting year."
Cellceutix Corporation is presently a preclinical drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin, which it is developing as a treatment for cancers; KM-133, for the treatment of psoriasis; and KM-391, for the treatment of autism. More information is available on the Cellceutix web site at www.cellceutix.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Cellceutix Corporation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.