Cellceutix Signs Agreement for Kevetrin Formulation with Formatech

Kevetrin on Track Toward Human Studies, Targeting Resistant Cancers

BEVERLY, MA–(Marketwire – March 22, 2010) –  Cellceutix Corporation (OTCBB: CTIX), a bio-pharmaceutical company that develops small molecules to treat cancer and inflammatory disease, today announced that it has concluded an agreement with Formatech, Inc. of Andover, Massachusetts, to formulate Kevetrin for a Phase 1 study. The terms of the agreement were not disclosed. Kevetrin will be presented as a lyophilized powder for reconstitution in saline solution at the time of use.

“This agreement allows us to stay on track for our IND filing,” said George Evans, CEO of Cellceutix. “Formatech is a quality formulator and has been very flexible and responsive in meeting our needs.”

Kevetrin is being developed to treat drug resistant cancers. The Company has recently reported that Kevetrin showed greater tumor shrinkage than standard therapies in animal models of resistant lung cancer, breast and colon cancer cell lines. For more information about these results, please visit the Cellceutix web site at www.cellceutix.com.

“We are very pleased to have been selected by Cellceutix to participate in this exciting research effort,” said Indu Isaacs, Ph.D., CEO of Formatech. “We look forward to helping Cellceutix achieve its goal of reaching Phase 1 with Kevetrin as soon as possible.”