BEVERLY, MA--(Marketwire - May 24, 2010) -  Cellceutix Corporation (OTCBB: CTIX), a bio-pharmaceutical company that develops small molecules to treat cancer, autism and inflammatory disease, today announced that it has concluded agreements with PharPoint Reasearch for Phase 1 data management and statistical analysis and with Medical Research Consulting Services for Phase 1 clinical monitoring. The terms of the agreements were not disclosed. These agreements provide the basic resources necessary to conduct the Phase 1 study of the Company's cancer compound, Kevetrin.

"We were looking for elite partners that could provide world class service and with PharPoint and Medical Research Consulting Services we have come to terms with two of the best in the industry," said George Evans, CEO of Cellceutix. "These agreements are the next step in our mission to start the Phase 1 study of Kevetrin ASAP."

"We are pleased to have the opportunity to work with Cellceutix and to bring our skills to bear on the Kevetrin Phase 1 study," said Art Holmes, President of PharPoint. Mr. Holmes continued, "From a corporate standpoint, it is exciting to be involved in the start of a promising clinical program, particularly in the field of oncology where there is an urgent need for new therapies." More information about PharPoint is available at www.pharpoint.com.

Kevetrin is being developed to treat drug resistant cancers. The Company has reported that Kevetrin showed greater tumor growth delay than standard therapies in animal models of resistant lung cancer, resistant breast cancer and resistant colon cancer. In data recently presented at the American Association for Cancer Research (AACR), 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. For more information about these results, please visit the Cellceutix web site at www.cellceutix.com.

"I am looking forward to working with Cellceutix on the Phase I clinical trial of their novel development product, Kevetrin, for the treatment of solid carcinomas," said Denise T. Resnik, the Owner of Medical Research Consulting Services. "I have had a long-standing consulting relationship with George Evans's prior employer, and I am sure this relationship will be fruitful as well."

About PharPoint Research

PharPoint Research, Inc. is a niche pharmaceutical development service provider specializing in data management and biostatistics. Our staff has worked together for over a decade and includes some of the most talented professionals in the industry. PharPoint understands the importance of responsiveness and timely deliverables with exceptional quality. We pride ourselves on years of experience, superb repeat client rate and the ability to consistently exceed our client's expectations. Founded in 2006, PharPoint is headquartered in Chapel Hill, NC near Research Triangle Park.

About Medical Research Consulting Services
Medical Research Consulting Services was founded by Denise Resnik and has been in continuous operation since 1982. MRCS provides consulting services to pharmaceutical and biotechnology companies, contract research organizations and professional training organizations in the area of new drug development. It also provides independent investment research and objective analysis for publicly traded companies.

About Cellceutix

Cellceutix Corporation is a preclinical cancer, autism and anti-inflammatory 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 atwww.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.

Contact Information:

Contact:
Cellceutix Corp.
Leo Ehrlich
(978) 633-3623