Cellceutix Reports Confidential Disclosure Agreement Signed With Major Pharmaceutical Company Company Developing New Chemotherapy Drug Kevetrin™ to Treat Cancers Not Responding to Existing Drugs
BEVERLY, Mass., March 8, 2011 /PRNewswire/ -- Cellceutix Corporation (Pink Sheets: CTIX) today disclosed that it has entered into a Confidential Disclosure Agreement (CDA) pertaining to its anti-cancer drug, Kevetrin™, with one of the world's largest pharmaceutical companies.
Cellceutix CEO, Leo Ehrlich, commented, "It's relatively uncommon for big pharma to be signing a CDA on a compound before clinical trials are underway. The process begins with Cellceutix providing non-confidential information to the other party. If after review of the materials the interest remains high, they will request to enter into a CDA. We are glad that their interpretation of the Kevetrin™ studies was sufficient to warrant entering into a CDA with Cellceutix." Mr. Ehrlich continued, "Signing a CDA does not mean a licensing deal or other transaction is imminent and makes no assumptions that it ever will. But, conversely, a deal won't ever happen without first signing a CDA. At Cellceutix, we are focused on moving our compounds toward clinical trials and maximizing shareholders' value. This agreement is one more step in that process."
Cellceutix has previously reported that in animal studies Kevetrin™ has shown potent anti-tumor activity against many different cancers including lung, breast and colon cancers as well as leukemia and various strains for which current drugs are ineffective ("drug-resistant cancers"). Data released over the last week by Cellceutix has also shown that Kevetrin™ demonstrates characteristics that are seen as highly desirable in a new chemotherapy as it has not only shown to be non-genotoxic, but also reactivates p53, the "Guardian Angel Protein."
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, KM-133, for the treatment of psoriasis, and KM-391, for the treatment of autism. More information is available on the Cellceutix web site at www.cellceutix.com.
Kevetrin, KM133, 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.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Cellceutix Corporation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
SOURCE Cellceutix Corporation