|By Marketwired .||
|October 10, 2013 07:00 AM EDT||
BEVERLY, MA -- (Marketwired) -- 10/10/13 -- Cellceutix Corporation (OTCQB: CTIX) (the "Company"), a clinical stage biopharmaceutical company focused on discovering, developing and commercializing drugs to treat unmet medical conditions, is pleased to announce that the publishers of pharmaceutical publications In Vivo, Startup, and The Pink Sheet have chosen Brilacidin Phase II ABSSSI as a "Top Project to Watch." This represents a significant industry honor. Many of the past nominees include those who partnered successfully such as Trophos, BiPar, Myogen, Sirtris and Kosan. Cellceutix, as recipient of this honor, will be presenting at the Elsevier Therapeutic Area Partnerships conference, being held from November 18 - 20 at the Hyatt Regency in Boston, Massachusetts. Cellceutix was selected by a panel of independent experts to present information on Brilacidin, a promising clinical stage antibiotic acquired by Cellceutix in September.
More information on the conference can be found at: http://www.elsevierbi.com/mkt/Conf/TAP2013/PresentingCos. Cellceutix and Brilacidin are listed under the "Infectious Diseases" tab.
Cellceutix now has a dedicated team to advance the development of Brilacidin for multiple indications. The Company is currently working on two Investigational New Drug ("IND") applications for clinical trials of Brilacidin. The first is for a Phase 2b trial to further evaluate the antibiotic for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. The second is for a Phase 2 clinical trial of Brilacidin as a new treatment for oral mucositis. Both IND applications are planned for submission to the U.S. Food and Drug Administration in January 2014.
"Now that we have spent substantial time with researchers that were entrenched in the development of Brilacidin before we acquired it, we are more excited than ever about the opportunities that lay ahead of us," said Leo Ehrlich, Chief Executive Officer at Cellceutix. "We are honored to have Brilacidin selected by Elsevier as a Top 10 drug to watch in infectious disease and believe the conference provides us with a valuable opportunity to meet with potential partners. Looking back at the acquisition, we believe we have completed one of the most promising biotech acquisitions in recent years and intend to develop this asset to its absolute maximum potential which we and outside consultants believe is tremendous."
Mr. Ehrlich added, "Separately, I am very pleased to tell investors that the Safety Review Committee overseeing the trial of Kevetrin, our lead cancer compound in a Phase 1 clinical trial at Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center, has approved increasing the dosing of Kevetrin to 110 mg/m2 for the sixth cohort. We anticipate dosing to begin in the next seven to ten days."
Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol "CTIX". Cellceutix is a clinical stage biopharmaceutical company focused on developing and commercializing its pipeline of compounds for novel therapies in areas of serious unmet medical need, including cancer, psoriasis and antibiotic applications. More information is available on the Cellceutix web site at www.cellceutix.com.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Factors that may impact Cellceutix's success are more fully disclosed in Cellceutix's most recent public filings with the U.S. Securities and Exchange Commission.