BEVERLY, Mass., Aug. 17, 2009 (GLOBE NEWSWIRE) -- Cellceutix Corporation (OTCBB:CTIX), a bio-pharmaceutical company in the business of developing small-molecule therapies in areas of unmet medical needs, today announced that it has signed an agreement with Girindus America, Inc., for the manufacture of Kevetrin active pharmaceutical ingredient. Terms of the agreement were not disclosed.
"This is a big step toward our short-term goal of filing for an investigational new drug exemption (IND) with the FDA," said George Evans, CEO of Cellceutix. "We will use the material manufactured by Girindus to do the last animal studies needed for the filing of an IND, as well as for phase 1 human trials. We think Girindus will be an excellent partner for Cellceutix."
Kevetrin is being developed to treat certain cancers. The Company has recently reported encouraging results in animal models of drug resistant lung cancers. For more information about these results, please visit the Cellceutix web site at www.cellceutix.com.
About Cellceutix Corp.:
Headquartered in Beverly, Mass., Cellceutix is an emerging bio-pharmaceutical company in the business of developing small molecule therapies in areas of unmet medical needs. 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. For more information, visit: www.cellceutix.com.
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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. Positive results in animal studies do not necessarily predict success in human trials.