BEVERLY, MA–(Marketwire – May 12, 2010) – Cellceutix Corporation (OTCBB: CTIX), a developer of small compounds for the treatment of cancer, autism and inflammatory diseases, believes that recent announcements by major pharmaceutical companies support its strategy of developing a novel compound to treat autism spectrum disorder. The New York Times published an article on April 29th to report the results from a small, overseas study for the treatment of fragile X syndrome by the Switzerland-based pharmaceutical giant Novartis. Fragile X, a genetic disorder characterized by changes in part of the X chromosome, is believed by Novartis to be a key aspect in attacking developmental disorders such as autism and mental retardation. Pfizer has also recently announced an effort to develop treatments for autism spectrum disorder.
“These announcements indicate that Cellceutix is in a prime position in the development of treatments for autism spectrum disorder,” said Leo Ehrlich, the Chief Financial Officer of Cellceutix. ”We are developing a novel compound for a disorder which has few treatment options. In an area that people were once skeptical about pharmaceutical advancements being possible, it is encouraging to see other companies showing significant interest.”
Cellceutix acquired the rights to KM-391, its compound for the treatment of autism spectrum disorder, last year and has been diligently developing the compound since. Cellceutix has already completed an animal study that shows very encouraging results. Details of the data from the study are available at the Cellceutix website at www.cellceutix.com.