BEVERLY, Mass., March 28, 2011 /PRNewswire/ -- Cellceutix Corporation (OTCQB:CTIX) today disclosed that it has entered into a Confidential Disclosure Agreement (CDA) pertaining to KM-391, its novel compound being developed as a treatment for autism, with a multi-billion dollar pharmaceutical company. Cellceutix will be providing shareholders updates on the latest developments with KM-391 in the near future.
Cellceutix CEO, Leo Ehrlich, commented, "This is simply another vote of confidence from large pharma as to the strength of our pipeline and a testament to the attention that we are receiving on a global level." Mr. Ehrlich continued, "While signing a CDA does not imply or guarantee that a licensing deal or any other transaction will ever happen, it is important in the sense of industry recognition of our compounds, as the signing of a CDA this early in development is generally a very rare occurrence."
Additionally, Cellceutix has been informed by Formatech, its formulation manufacturer, that production has been completed on Kevetrin™ for use in clinical trials. The Company is still on schedule for filing its IND with the FDA in May 2011. Kevetrin™ is Cellceutix's breakthrough compound targeting lung, breast, colon and other cancers not responding to existing drug therapies.
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