Sitemap| Cellceutix Receives Federal Grants for Each of Its Active Research Programs - Total Exceeds $730K |
|
BEVERLY, MA--(Marketwire - 11/04/10) - Cellceutix Corporation (Pinksheets:CTIX - News) today announced that it has been awarded approximately $730,000 in total grants under the Qualifying Therapeutic Discovery Project program. Cellceutix was awarded a grant for each of its three active research programs. The Company's lead program is Kevetrin™, which is being developed for drug resistant cancers. Cellceutix is also developing KM-391 for autism and KM-133 for psoriasis. Each grant amounted to slightly more than $244,000. The grants are awarded to therapeutic discovery projects that show a reasonable potential to (a) result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, (b) reduce the long-term growth of health care costs in the United States, or (c) significantly advance the goal of curing cancer within 30 years. "We are extremely pleased to have received these grants, each at the maximum level," said George Evans, CEO of Cellceutix. "While increasing our financial flexibility, we also believe that these grants are a reflection of the high quality of our programs. The funds will allow us to complete the Investigational New Drug application for Kevetrin as well as accelerate pre-clinical trials for our autism compound, KM-391." Leo Ehrlich, CFO, in a statement, called the grant "a sign of recognition of the significant achievements at Cellceutix. Cellceutix believes we are ahead of the curve, even of the much larger pharmas that we compete against in developing treatments for resistant cancers, the autism spectrum, and psoriasis." About Cellceutix Cellceutix Corporation is a preclinical cancer, anti-inflammatory and autism drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, and KM-391, which it is developing for the treatment of autism. 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 and KM-391 have 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. |