Cellceutix Further Expands Its Senior Management Team With the Addition of an Industry Veteran

BEVERLY, MA--(Marketwired - August 30, 2016) - Cellceutix Corporation (OTC: CTIX) ("the Company"), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, antibiotic, and anti-inflammatory applications, is pleased to announce today the addition of another senior executive to its management team. Jane Harness, MS, MP, has been appointed to the role of Vice President, Clinical Sciences and Portfolio Management.

This new hire comes two months after pharmaceutical executive, Arthur P. Bertolino, MD, PhD, MBA, joined Cellceutix as President and Chief Medical Officer.

Ms. Harness is a seasoned industry executive with over 20 years of experience in clinical drug development, which will significantly broaden Cellceutix's management capabilities going forward.

Ms. Harness will direct all management aspects toward advancing the Company's pipeline, with a particular focus on clinical trials. Ms. Harness has successfully led numerous teams in executing clinical studies both internationally and domestically. Her expertise spans early and late-phase therapeutic programs at both large pharma, such as Pfizer and Novartis, and at smaller specialty companies. She possesses extensive experience in the areas of Dermatology, as well as Inflammation and Immunology. Ms. Harness has also run clinical trials in other therapeutic areas and has provided key leadership in project management and strategy.

"I am extremely pleased that Jane has joined our senior management team and, by so doing, further validates the Company's vision for success in developing its portfolio of first-in-class drug candidates," said Arthur P. Bertolino, MD, PhD, MBA, President and Chief Medical Officer at Cellceutix. "Now is the time for efficient execution of strategies that will help take Cellceutix to the next level in its clinical programs. The addition of Jane to our team is a key operational development toward achieving this end," said Dr. Bertolino.

Leo Ehrlich, Chief Executive Officer, added, "We recognize the need for Cellceutix to supplement its ranks with accomplished pharmaceutical leaders in order to realize the full potential of our clinical pipeline. With the June 2016 hiring of Dr. Bertolino, followed by the recent employment of Jane, another talented and proven leader, we are establishing a solid foundation for major accomplishments in drug development."

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About Cellceutix: Headquartered in Beverly, Massachusetts, Cellceutix is a publicly traded company under the symbol "CTIX". Cellceutix is a clinical stage biopharmaceutical company developing innovative therapies in multiple diseases. Cellceutix believes it has a world-class portfolio of compounds and is now engaged in advancing its compounds and seeking strategic partnerships. Cellceutix's anti-cancer drug Kevetrin concluded a Phase 1 clinical trial at Harvard Cancer Centers' Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center, and Cellceutix is now preparing its plans for a Phase 2 study. In the laboratory Kevetrin has shown to induce activation of p53, often referred to as the "Guardian Angel Gene" due to its crucial role in controlling cell mutations. Cellceutix is in a Phase 2 clinical trial with its novel compound Brilacidin-OM for the prevention of Oral Mucositis in patients with head and neck cancer. Brilacidin-OM, a defensin mimetic compound, has shown in an animal model to reduce the occurrence of severe ulcerative oral mucositis by more than 94% compared to placebo. Cellceutix's anti-psoriasis drug Prurisol completed a Phase 2 trial and Cellceutix is now setting up a Phase 2b study. Prurisol is a small molecule that acts through immune modulation and PRINS reduction. Cellceutix's lead antibiotic, Brilacidin, has completed a Phase 2b trial for Acute Bacterial Skin and Skin Structure Infections, or ABSSSI. Top-line data have shown a single dose of Brilacidin to deliver comparable clinical outcomes to the FDA-approved seven-day dosing regimen of daptomycin. Brilacidin has the potential to be a single-dose therapy for certain multi-drug resistant bacteria (Superbugs). Cellceutix has formed research collaborations with world-renowned research institutions in the United States and Europe, including MD Anderson Cancer Center, Beth Israel Deaconess Medical Center, and the University of Bologna. More information is available on the Cellceutix web site at www.cellceutix.com.

Forward-Looking Statements: This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Cellceutix's actual results and experience to differ materially from anticipated results and expectations expressed in these forward looking statements. Cellceutix has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Cellceutix's need for, and the availability of, substantial capital in the future to fund its operations and research and development; including the amount and timing of the sale of shares of common stock to Aspire Capital; the fact that Cellceutix's compounds may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere. A more complete description of these risk factors is included in Cellceutix's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Cellceutix undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.