Cellceutix Closing in on Human Trials with Kevetrin(TM) for Drug-Resistant Cancers as the Company Reports Progress on Toxicity Studies

BEVERLY, MA--(Marketwire - August 24, 2010) -  Cellceutix Corporation (OTCBB: CTIX) is pleased to announce substantial progress on the toxicology studies for Kevetrin™, the Company's compound for the treatment of multi-drug resistant cancers. The Company has now received all data on the study in rats except for the pharmacokinetic data. The Company has also received the bulk of the data from the study in a second animal species. The remaining data is expected within two to three weeks. In preparation for the Investigational New Drug (IND) filing, Cellceutix is engaging additional consultation to move forward towards clinical trials with Kevetrin.

George Evans, CEO of Cellceutix, commented, "We are continuing to hit our targets at or ahead of schedule with Kevetrin. The pre-clinical data to date has been extremely encouraging and we expect that these final data are going to fall right into line." Mr. Evans continued, "We are well aware of the significant impact Kevetrin can provide to patients in need if Kevetrin can perform in human trials as it has in the pre-clinical research. We are presently organizing the team for the IND and doing all possible preparation in order to submit the filing quickly once the final toxicology data is in our hands."

"I have been closely involved in the development of several successful compounds in my 30 years in the industry and am extremely encouraged by the data that Kevetrin has produced," stated Dr. Krishna Menon, Chief Scientific Officer of Cellceutix. "The completion of pre-clinical studies creates a great deal of excitement for our team as we are anxious to see Kevetrin being utilized as a human therapy in the near future."

All released research results for Kevetrin and other Cellceutix compounds are available on the Company's website at www.cellceutix.com.

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 drug-resistant cancers, and KM-391, which it is developing for the treatment of autism. More information is available on the Cellceutix web site at www.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
CFO
(978) 633-3623