Cellceutix CEO States "Full Speed Ahead"

BEVERLY, MA--(Marketwire - May 23, 2011) - Cellceutix Corporation (OTCQB: CTIX) (PINKSHEETS: CTIX), a biopharmaceutical company focused on discovering and developing small molecule drugs to treat unmet medical conditions, announced today that in light of recent exceptional preclinical results regarding Kevetrin™, the Company believes it would be in its shareholders' best interest to test Kevetrin™ against a very aggressive cancer that would be more beneficial to patients and generate more useful data for its IND filing. Cellceutix has therefore initiated a study in an animal model implanted with human pancreatic cancers. The study is expected to be completed by mid June, with the updated IND expected to be filed shortly thereafter. Pancreatic adenocarcinoma is among the most aggressive of all cancers and has one of highest mortality rates in cancer patients today. Pancreatic cancer is also relatively resistant to medical treatment which makes it an ideal research target for Kevetrin™. Cellceutix previously disclosed exceptional results in pre-clinical testing of Kevetrin™ on different cancers including head and neck cancers, leukemia, and drug resistant lung, breast, and colon cancers.

Cellceutix Chief Executive Officer, Leo Ehrlich, stated, "Since we discovered the connection of Kevetrin™ to p53, known as the 'guardian angel gene,' we have conducted research that has provided crucial data which will be helpful towards designing our clinical trials. We are anxious to file the IND, but feel that an additional study to test Kevetrin™ against pancreatic cancer, which is notoriously difficult to treat, was important enough to wait with the IND and file only one month later. Unlike so many therapies that are only effective against one specific cancer, Kevetrin™ is showing the potential to be helpful in treating multiple strains of cancers and control tumors that have proven resistant to present therapies. We have decided that pancreatic cancer is important enough to be added to the ever-growing list of potential target cancer candidates. Our preclinical data to date gives us confidence that we have potentially one of the world's leading compounds in development to fight cancers. Anti-Cancer compounds are the world's top selling drug category, with $22.3 billion in U.S. sales last year, up from $15.8 billion in 2006, with billions more in sales internationally. Waiting a few weeks now can have a greater impact later on in clinical trials. It is full speed ahead. "

About Cellceutix

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.

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.