Cellceutix's Drug Discovery Is a Major Leap Forward in the Fight Against Cancer

BEVERLY, MA--(Marketwire - Oct 3, 2011) - Cellceutix Corporation (OTCQB: CTIX) (PINKSHEETS: CTIX) (the "Company"), a biopharmaceutical company focused on discovering and developing small molecule drugs to treat unmet medical conditions, is pleased to report that the drug delivery devices for their planned clinical trials on Kevetrin™, the Company's revolutionary compound for the treatment of cancer, are undergoing stability studies. The research centers conducting the human trials delivered their devices to Cellceutix which were then sent to a FDA-approved facility for testing. Cellceutix expects the testing to be complete this week.

Cellceutix Chief Scientific Officer Dr. Krishna Menon said, "Each research center has its own drug delivery device that must be tested with a new drug to ensure stability, according to FDA protocol." Dr. Menon continued, "It has been an extremely gratifying process working with Kevetrin™ and we are close to beginning the process of validating our contentions about the potency of our drug. The drug in studies to date has proven to be a major leap forward in the fight against cancer. We have reviewed our research on Kevetrin™ with the hospital, major pharmaceutical companies and some of the brightest minds in oncology today with very encouraging responses. As professionals, we are expected to remain subdued, but, honestly, it is a bit difficult as Kevetrin™ is showing characteristics that could make it one of the most innovative drugs in cancer research."

"What Cellceutix is doing with Kevetrin™ can lead to a groundbreaking moment in the world of oncology," commented Cellceutix Scientific Advisor Dr. Emil Frei III, M.D. "In my career, including my tenure as Chief of Medicine at National Cancer Institute, I have seen countless companies throughout the world striving to bridge the gap between damaged or mutated p53 and carcinomas with little to no success. p53 can hold a vital key to the next generation of chemotherapy. Cellceutix's discovery of Kevetrin™, which has been shown to reactivate p53 in a non-genotoxic manner, is a very promising advance in the fight against cancer."

About Emil Frei III, MD

http://researchers.dana-farber.org/directory/profile.asp?dbase=main&setsize=16&picture_id=0000013&grouptype_typeid_data=2&gs=r&nxtfmt=r&display=Y&oldurl=Y&lookup=Y&try2=Y&pict_id=0000013

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.