SOURCE: Cellceutix

February 14, 2011 12:07 ET

Cellceutix Announces Settlement With Former CEO

BEVERLY, MA--(Marketwire - February 14, 2011) - Cellceutix Corporation (PINKSHEETS: CTIX) announced today that it has reached a settlement agreement on all outstanding claims and issues between the Company and George W. Evans, the Company's former Chief Executive Officer.

The terms of the agreement provides that the Company shall purchase 4,602,312 common shares held by Mr. Evans and/or Mr. Evans' sons over a period of three years for a total sum of one million dollars. All options granted to Mr. Evans will be cancelled. The purchased shares will then be retired by the Company.

The Board wishes to thank Mr. Evans for his leadership and contribution to the Company's development over the past 3 years.

Rescission of authorization to reverse split of common stock

In a separate board action, the board unanimously voted to rescind the authorization to effect a reverse split of its common stock.

About Cellceutix Corporation

Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin™, which it is developing as a treatment for certain cancers, KM-133 which it is developing for the treatment of psoriasis, 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, KM-133, 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
    CEO
    (978) 633-3623
    Email Contact