Cellceutix Corporation - Cellceutix Signs Agreement for Kevetrin(TM) Safety Studies with Toxikon Corporation

Cellceutix Signs Agreement for Kevetrin(TM) Safety Studies with Toxikon Corporation

Company advances Kevetrin toward human studies, targeting resistant cancers

Last hurdle before IND filing

BEVERLY, MA - November 2, 2009 - Cellceutix Corporation (OTCBB: CTIX), a bio-pharmaceutical company that develops small molecules to treat cancer and inflammatory disease, today announced that is has concluded an agreement with Toxikon Corporation of Bedford, Massachusetts, to conduct the remaining preclinical studies required for an Investigational New Drug (IND) filing for its cancer drug Kevetrin(TM). The terms of the agreement were not disclosed. The studies covered by the agreement are designed to confirm that Kevetrin meets FDA safety requirements for studies in humans.

"We believe we've found an excellent, globally recognized partner in Toxikon," said George Evans, CEO of Cellceutix. "This is a big step for Cellceutix and represents our last hurdle before asking the U.S. FDA for permission to conduct Phase 1 human studies with Kevetrin, our lead drug candidate."

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 and resistant breast cancer. Kevetrin recently received national attention when the American Association for Cancer Research (AACR), chose to feature an abstract of animal model experiments with Kevetrin in multi-drug resistant lung cancer cell lines at their meeting of “Frontiers in Basic Cancer Research”.

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 perform these important toxicology studies," said Dr. Laxman Desai, President and CEO of Toxikon. "We look forward to helping Cellceutix achieve its goal of reaching Phase 1 with Kevetrin as soon as possible."

About Toxikon
Toxikon Corporation is a life science company and a Contract Research Organization (CRO) that primarily conducts compliance studies for product safety. Headquartered in Bedford, Massachusetts, Toxikon owns and operates a 125,000 square foot state-of-the-art facility. With more than 30 years of industry experience, Toxikon conducts compliance safety testing and research following Good Laboratory Practices (GLP). The safety studies are performed in support of United States FDA, Japanese, and other international regulatory compliance guidelines for products developed from medical devices, biotech, and pharmaceutical industries. For more information on Toxikon please visit their website at www.toxikon.com.
About Cellceutix
Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug developer. Cellceutix owns the rights to seven drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, and KM-133, which it is developing for the treatment of psoriasis. More information is available on the Cellceutix web site at www.cellceutix.com.

This Press Release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which Cellceutix Corporation operates. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Cellceutix's actual results to be materially different from any future results expressed or implied by these statements. Actual results may differ materially from what is expressed in these statements, and no assurance can be given that Cellceutix can successfully implement its core business strategy and improve future earnings.
The factors that may cause Cellceutix's actual results to differ from its forward-looking statements include: Cellceutix's current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; Cellceutix’s ability to implement its new product development and commercialization, enter into clinical trials, expand the intellectual property portfolio, and receive regulatory approvals in a timely and cost-effective manner. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in Cellceutix's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.
Kevetrin has not been studied in humans at this time. The Company’s positive results in animal studies do not necessarily guarantee success in humans, though they may form the basis for beginning Phase 1 trials.

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