Cellceutix Anti-Fungal Compounds Awarded $1.5 Million SBIR Grant

BEVERLY, MA–(Marketwired – June 23, 2014) – Cellceutix Corporation (OTCQB: CTIX) (the “Company”), a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, is pleased to announce that a research collaboration with Fox Chase Chemical Diversity Center (“FCCDC”)(http://www.fc-cdci.com) has led to the award of a Phase 2B Small Business Innovation Research (SBIR) grant to FCCDC from the National Institute of Allergy and Infectious Disease (NIAID) of the National Institute of Health (NIH).

The SBIR grant is for up to $1.5 million over two years and research will be directed at developing the Cellceutix technology platform on host defense protein (HDP) mimics for treatment of disseminated fungal infections, particularly those caused by Candida species.

“This grant to research our novel compounds dovetails with our strategy to partner with leading organizations and universities in the development of new therapeutic agents for some of the most difficult to treat fungal and bacterial infections,” commented Leo Ehrlich, Chief Executive Officer at Cellceutix.  “Candida infections were recently named in the final rule of the U.S. Food and Drug Administration’s list of qualifying pathogens under the Generating Antibiotic Incentives Now Act.  We clearly see the potential and value of new drugs for Candida infections and are very pleased that the funding is now in place for FCCDC to conduct studies on our compounds in this area.”

About Fox Chase Chemical Diversity Center, Inc. 

Fox Chase Chemical Diversity Center, Inc. (FCCDC) provides medicinal chemistry, target validation, in vitro pharmacology and chemical biology support to investigators at universities, and non-profit research organizations and foundations. Our goal is to transition innovative biomedical research technologies into full-fledged drug discovery and development programs of study.  FCCDC has submitted more than 3,000 small molecule test compound in support of collaboration and company projects, advancing biomedical research.