Cellceutix Files Foreign Patent Application in PCT and Other Key Countries for Its Flagship Cancer Compound

BEVERLY, MA--(Marketwire - May 18, 2010) -  Cellceutix Corporation (OTCBB: CTIX) today announced that it filed foreign patent applications and a further U.S. patent application covering pharmaceutical formulations of a compound referred to as Kevetrin™ and many novel compounds having similar structures to Kevetrin that may have potential as drug development candidates. The applications also cover the use of Kevetrin and the other compounds in various areas, including cancers. This filing covers Patent Cooperation Treaty (PCT) countries as well as key countries that are not part of the treaty. A U.S. application was filed last May and the recently filed U.S. patent application and foreign applications will claim priority from that date.

"This filing should give us a strong patent position in the major markets around the world," said George Evans, CEO of Cellceutix. "The timing is excellent for Cellceutix as we approach our phase 1 study with Kevetrin."

In animal studies, Kevetrin was found to significantly delay tumor growth in multi-drug resistant lung, breast and colon cancer cell lines. In data recently presented at the American Association for Cancer Research, the efficacy of Kevetrin in a mouse model of drug resistant lung cancer was shown to increase with increasing dose. The data presented at the AACR also show that the administration of a second cycle of therapy with Kevetrin in the same animal model continues to delay tumor growth without the development of resistance.

"The animal data on Kevetrin have consistently shown strong activity against drug resistant cancer cell lines," said Dr. Krishna Menon, Chief Scientific Officer of Cellceutix. "We are continuing to make solid progress toward our IND filing, which would be a major milestone for us."

About Cellceutix

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, 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
(978) 633-3623
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