BEVERLY, Mass., March 8, 2011 /PRNewswire/ -- Cellceutix Corporation (Pink Sheets: CTIX) today disclosed that it has entered into a Confidential Disclosure Agreement (CDA) pertaining to its anti-cancer drug, Kevetrin™, with one of the world's largest pharmaceutical companies.
Cellceutix CEO, Leo Ehrlich, commented, "It's relatively uncommon for big pharma to be signing a CDA on a compound before clinical trials are underway. The process begins with Cellceutix providing non-confidential information to the other party. If after review of the materials the interest remains high, they will request to enter into a CDA. We are glad that their interpretation of the Kevetrin™ studies was sufficient to warrant entering into a CDA with Cellceutix." Mr. Ehrlich continued, "Signing a CDA does not mean a licensing deal or other transaction is imminent and makes no assumptions that it ever will. But, conversely, a deal won't ever happen without first signing a CDA. At Cellceutix, we are focused on moving our compounds toward clinical trials and maximizing shareholders' value. This agreement is one more step in that process."
Cellceutix has previously reported that in animal studies Kevetrin™ has shown potent anti-tumor activity against many different cancers including lung, breast and colon cancers as well as leukemia and various strains for which current drugs are ineffective ("drug-resistant cancers"). Data released over the last week by Cellceutix has also shown that Kevetrin™ demonstrates characteristics that are seen as highly desirable in a new chemotherapy as it has not only shown to be non-genotoxic, but also reactivates p53, the "Guardian Angel Protein."
About CellceutixCellceutix 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. Kevetrin, KM133, 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.