CellCeutix pharmaceutical company

BEVERLY, Mass., June 30, 2009 (GLOBE NEWSWIRE) -- Cellceutix Corporation (OTCBB:CTIX - News), announced today that Dr. Emil Frei has agreed to serve on the Cellceutix Scientific Advisory Board through June 30, 2010.

Dr. Frei stated, "I am pleased to have the opportunity to work with Cellceutix and Dr. Menon. Dr. Menon formerly was a researcher under my direction at Dana Farber. I am very encouraged with the filing of the patent application for Kevetrin. I look forward to forthcoming news on Kevetrin, Cellceutix's compound in development for various cancer types."

George Evans, CEO stated: "We are very pleased to work with such an eminent scientist as Dr. Frei. Filing the patent application has allowed us to advance to the next stage of our business plan. We wish to acknowledge Dr. P. Ginsburg and Dr. F. Tinney, our patent attorneys, for their enormous work that went into the filing of this patent. Drs. Ginsburg and Tinney were colleagues of mine during my years at Pfizer and it was a pleasure to be once again working with these lawyers who I consider among the top of their profession."

Emil Frei III, MD: Dr. Frei is one of the world's leading oncologists, a pioneer of chemotherapy and a leader in medical research, clinical practice and education. His distinguished career includes 40 years in top leadership positions such as Chief of Medicine at National Cancer Institute, Associate Scientific Director at M. D. Anderson, and Director and Physician-in-Chief at the Dana-Farber Cancer Institute. He continues as Physician-in-Chief, Emeritus, at Dana-Farber.

Dr. P. Ginsburg: A graduate of Columbia Law School, Dr. Ginsburg has spent much of his career in the pharmaceutical industry, first at Schering-Plough, then at Merck & Co., and at Pfizer Inc. until his retirement as an Assistant General Counsel in 2007. Dr. Ginsburg, who also received a Ph.D. in chemistry, was the author of Schering-Plough's Claritin patent application and managed patent application, patent prosecution and patent opinion work in Pfizer's New York patent department for many years. He has lectured on pharmaceutical and biotechnology patent law at Columbia Law School and before various professional groups.

Dr. F. Tinney: Dr. Tinney spent his entire career working in the pharmaceutical industry with Parke-Davis, Warner Lambert and Pfizer Inc. Dr. Tinney earned his Ph.D. in organic chemistry from the University of Maryland and spent 20 years in new drug discovery in various therapeutic areas. After receiving his law degree from the University of Toledo and LLM from Wayne State University, Dr. Tinney spent 22 years as a patent attorney at Warner Lambert and Pfizer. He retired as Senior Corporate Counsel, Intellectual Property, with Pfizer in 2008.

About Cellceutix

Cellceutix is a preclinical cancer and anti-inflammatory drug developer. It owns the rights to six drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, and KM-133, which it is developing for psoriasis. Cellceutix is led by CEO George Evans, JD, MBA, formerly with Pfizer (NYSE:PFE - News), and its President, Dr. Krishna Menon, RCM, PhD, VMD, formerly with Eli Lilly (NYSE:LLY - News)

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: Our current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; Our ability to implement 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 our SEC filings, including our quarterly reports on Form 1O-Q and annual report on Form 10-K.