BEVERLY, Mass., March 14, 2011 /PRNewswire/ -- Cellceutix Corporation (OTCQB: CTIX) is pleased to announce that Kevetrin™, the Company's flagship compound for the potential treatment of cancers not responding to existing drugs (drug-resistant cancers), has begun production for clinical trials. This was confirmed by Formatech Inc.( Andover , MA) which formulates developmental medications for clinical trials.
"We appreciate being given the opportunity to develop and manufacture Kevetrin™, Cellceutix's first clinical candidate," said Indu Javeri, Ph.D., CEO of Formatech. "We have worked closely with Dr. Menon and his team at Cellceutix over the recent months and we look forward to encouraging results from their clinical trials. We understand that Kevetrin has a unique mechanism of action that could dramatically impact the treatment of multiple cancers. In an industry that produces very few truly novel products, it is refreshing to see a new potential chemotherapy compound like Kevetrin™."
Leo Ehrlich, CEO of Cellceutix, commented, "We are thrilled that the production process is underway. I very much appreciate Dr. Javeri's comments." Mr. Ehrlich continued, "Our lead compound Kevetrin™ is moving forward, and rapidly garnering attention. People are now realizing the results and potential of our hard work. Kevetrin™ has a unique chemical structure; the first in its class of chemistry to be used as an anti-cancer agent. Our preclinical testing results were beyond our best expectations against drug-resistant cancers. Most important of all was the discovery of the p53--Guardian angel--mechanism of action. These factors are quite important as we move towards clinical trials. Should we achieve proper efficacy during the planned clinical trials, we hope that the FDA may grant Accelerated Approval or Priority Review for Kevetrin™. While there are no assurances of success in biotechnology research, at Cellceutix we are enthusiastic about what has been achieved thus far, and believe the best is yet to come."
Accelerated Approval or Priority Review programs by the FDA programs were put into effect approximately twenty years ago specifically for new drugs that provide the best opportunity for a viable therapy in an area of unmet medical need. In these cases, it is to the advantage of all involved to get these compounds to late-stage clinical trials quickly, without sacrificing any safety.