Vancouver, British Columbia, July 17, 2012 - Cellceutix Corporation (OTCBB:CTIX) has received news from the U.S. Food and Drug Administration informing the company that an application for a 505(b)(2) designation for Prurisil(TM), the company's lead psoriasis drug, would be an acceptable approach, allowing the company to move Prurisil(TM) immediately into advanced stages of clinical trials.
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Psoriasis is a common and chronic skin disorder for which there is currently no cure. Plaque psoriasis, characterized by red skin covered with silvery scales and inflammation, is the most common type of psoriasis, affecting approximately 5.5 million people in the United States.
Dr Krishna Menon, the company's Chief Scientific Officer stated, "We have conducted multiple meetings with companies to manufacture Prurisil(TM) and are aligning our strategies to advance the drug candidate into human trials as expeditiously and efficiently as possible. Our confidence is high for Prurisil(TM) and we are systematically deciding the best procedures going forward with it to maximize outcomes and shareholder value."
The company also reported that the Site Initiation Visit for its flagship anti-cancer compound, Kevetrin(TM), will happen this week at the Harvard Cancer Center and partner Beth Israel Deaconess Hospital. Kevetrin(TM) is being developed to treat cancers that are resistant to standard treatments. As a completely new class of chemistry in medicine, Kevetrin(TM) has significant potential to be a major breakthrough in the treatment of solid tumors.
Kevetrin(TM) reactivates p53, the "Guardian Angel of the Human Genome". Potentially, this is not only a major breakthrough for Cellceutrix, but for the world of oncology, as p53 has long been believed to possibly hold a key to unlocking the next generation of cancer therapies. Kevetrin(TM) has been shown to reactivate p53, often to baseline status, which, in turn, activates other proteins that destroy or significantly slow the growth of cancer cells.
Leo Ehrlich, the company's CEO commented. "All of the documentation and requirements to begin the clinical trials of Kevetrin(TM) are now in place. The Site Initiation Visit this week is the final step before we will begin the patient enrolment process. This is where the rubber meets the road for Cellceutix and I am extremely excited for the possibilities of both Kevetrin(TM) as a novel drug that could potentially reshape the landscape of cancer therapies, and Prurisil(TM), a new drug that significantly outperformed a standard care for the treatment of psoriasis in our lab studies."
The company also owns the rights to a number of other drug compounds. For more information please visit their website at www.cellceutix.com (http://www.cellceutix.com/) or contact Leo Ehrlich at 978-236-8717, or email info@cellceutix.com (mailto:info@cellceutix.com).
Cellceutix currently trades at $0.67 and with 98 million shares outstanding, is capitalized at $66 million.
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