Cellceutix Files Foreign Patent Application in PCT and Other Key Countries for its Flagship Cancer Compound

CEO States Timing Is Excellent as Company Approaches Phase 1 Human Trials

BEVERLY, MA–(Marketwire – May 18, 2010) –  Cellceutix Corporation (OTCBB: CTIX) today announced that it filed foreign patent applications and a further U.S. patent application covering pharmaceutical formulations of a compound referred to as Kevetrin™ and many novel compounds having similar structures to Kevetrin that may have potential as drug development candidates. The applications also cover the use of Kevetrin and the other compounds in various areas, including cancers. This filing covers Patent Cooperation Treaty (PCT) countries as well as key countries that are not part of the treaty. A U.S. application was filed last May and the recently filed U.S. patent application and foreign applications will claim priority from that date.

“This filing should give us a strong patent position in the major markets around the world,” said George Evans, CEO of Cellceutix. “The timing is excellent for Cellceutix as we approach our phase 1 study with Kevetrin.”

In animal studies, Kevetrin was found to significantly delay tumor growth in multi-drug resistant lung, breast and colon cancer cell lines. In data recently presented at the American Association for Cancer Research, the efficacy of Kevetrin in a mouse model of drug resistant lung cancer was shown to increase with increasing dose. The data presented at the AACR also show that the administration of a second cycle of therapy with Kevetrin in the same animal model continues to delay tumor growth without the development of resistance.

“The animal data on Kevetrin have consistently shown strong activity against drug resistant cancer cell lines,” said Dr. Krishna Menon, Chief Scientific Officer of Cellceutix. “We are continuing to make solid progress toward our IND filing, which would be a major milestone for us.”