BEVERLY, Mass., March 28, 2011 /PRNewswire/ -- Cellceutix Corporation (OTCQB:CTIX) today disclosed that it has entered into a Confidential Disclosure Agreement (CDA) pertaining to KM-391, its novel compound being developed as a treatment for autism, with a multi-billion dollar pharmaceutical company. Cellceutix will be providing shareholders updates on the latest developments with KM-391 in the near future.
Cellceutix CEO, Leo Ehrlich, commented, "This is simply another vote of confidence from large pharma as to the strength of our pipeline and a testament to the attention that we are receiving on a global level." Mr. Ehrlich continued, "While signing a CDA does not imply or guarantee that a licensing deal or any other transaction will ever happen, it is important in the sense of industry recognition of our compounds, as the signing of a CDA this early in development is generally a very rare occurrence."
Additionally, Cellceutix has been informed by Formatech, its formulation manufacturer, that production has been completed on Kevetrin™ for use in clinical trials. The Company is still on schedule for filing its IND with the FDA in May 2011. Kevetrin™ is Cellceutix's breakthrough compound targeting lung, breast, colon and other cancers not responding to existing drug therapies.
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.