|By Marketwired .||
|May 27, 2014 07:00 AM EDT||
BEVERLY, MA -- (Marketwired) -- 05/27/14 -- Cellceutix Corporation (OTCQB: CTIX) (the "Company"), a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, is pleased to report that the Company has signed material transfer agreements for compounds in its defensin mimetics portfolio with major university laboratories located in New York and New Jersey. These laboratories do significant government work and have expertise in anti-infective, anti-fungal and bio-defense applications. Cellceutix will be shipping the compounds to the university laboratories in the coming weeks. It is hoped that these collaborations will result in government assistance in developing the Company's novel compounds for a broad spectrum of indications.
Separately, Cellceutix recently presented its defensin mimetics and antimicrobials at the facilities of one of the world's largest pharmaceutical companies. Discussions are progressing towards a material transfer agreement as the pharma wishes to research the compounds for a variety of uses, although Cellceutix makes no assurances of a final agreement being reached.
At this time, due to competitive and confidentiality reasons, the names of the universities and pharmaceutical company will not be disclosed.
"The material transfer agreements are an important step in the development of our pipeline in addition to our ongoing clinical trials and laboratory research," commented Leo Ehrlich, Chief Executive Officer at Cellceutix. "We were very confident in the value of defensin mimetics when we acquired these assets last September and are extremely pleased that other leading organizations are recognizing the litany of potential uses for these unique compounds. The presentation at the request of the global pharmaceutical company went very well and we are hopeful to move forward with a material transfer agreement, with the understanding that these things take time when dealing with a large pharmaceutical firm."
Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol "CTIX". Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology and antibiotic applications. Cellceutix believes it has a world-class portfolio of compounds and is now engaged in advancing its compounds and seeking strategic partnerships. Cellceutix's anti-cancer drug Kevetrin is currently in a Phase 1 clinical trial at Harvard Cancer Centers' Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center. In the laboratory Kevetrin has shown to induce activation of p53, often referred to as the "Guardian Angel Gene" due to its crucial role in controlling cell mutations. Cellceutix is planning a Phase 2 clinical trial with its novel compound Brilacidin-OM for the prevention and treatment of Oral Mucositis. Brilacidin-OM, a defensin mimetic compound, has shown in the laboratory to reduce the occurrence of severe ulcerative oral mucositis by more than 94% compared to placebo. Cellceutix's anti-psoriasis drug Prurisol is presently in a bioequivalence crossover clinical trial. Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix's key antibiotic, Brilacidin, is in a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. Brilacidin has the potential to be a single-dose therapy or a dosing regimen that is shorter than currently marketed antibiotics for multi-drug resistant bacteria (Superbugs). Cellceutix has formed research collaborations with world-renowned research institutions in the United States and Europe, including MD Anderson Cancer Center, Beth Israel Deaconess Medical Center, and the University of Bologna. More information is available on the Cellceutix web site at www.cellceutix.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Cellceutix's actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. Cellceutix has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Cellceutix's need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock to Aspire Capital; the fact that Cellceutix's compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in Cellceutix's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Cellceutix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
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