Cellceutix Structures for Significant Growth in Upcoming Year
October 21 2013 - 7:00AM
Marketwired
Cellceutix Structures for Significant Growth in Upcoming Year
Teams Established for Oncology, Dermatology and Antibiotic
Clinical Trials
BEVERLY, MA--(Marketwired - Oct 21, 2013) - Cellceutix
Corporation (OTCQB: CTIX) (the "Company"), a clinical stage
biopharmaceutical company focused on discovering, developing and
commercializing drugs to treat unmet medical conditions, is pleased
to announce that it has expanded the infrastructure of the Company
to accommodate the planned initiation of five Phase 2 clinical
trials in 2014. The Cellceutix pipeline has doubled in size with
promising compounds spanning several disease areas following the
acquisition of PolyMedix assets in September. The Company has
established teams for oncology, dermatology and antibiotics
consisting of consultants and employees to facilitate conducting
efficient clinical trials of multiple compounds simultaneously.
With this approach we intend to save approximately $5 million
dollars over the traditional Pharma model of using outside parties
to conduct the trials.
The 2014 plans for clinical trials are as follows:
1. Kevetrin™ (oncology) for solid tumors - Initiate Phase 2 2.
Kevetrin™ (oncology) for Acute Myelogenous Leukemia - Initiate
Phase 1b/2 3. Brilacidin (oncology) for Oral Mucositis - Initiate
Phase 2 4. Prurisol™ (dermatology) for Psoriasis - Initiate Phase
2/3 (Adaptive trial design) 5. Brilacidin (antibiotic) for Acute
Bacterial Skin and Skin Structure Infections - Initiate Phase
2b
There is also the possibility that a Phase 2 trial on renal
cancers will be initiated in 2014 and funded with a National Cancer
Institute Specialized Programs of Research Excellence "SPORE" Grant
.
Cellceutix's strength has always been in biology expertise and
resources. PolyMedix was very strong in chemistry, and extremely
skilled at identifying and licensing university compounds. With the
addition of the PolyMedix compounds and data, Cellceutix is a
perfect fusion of chemistry and biology, a key to the highest
chance of clinical success.
Cellceutix understanding of biology is best exemplified by a
multi-billion dollar pharmaceutical company with thousands of
employees recently coming to Cellceutix for assistance in
evaluating a drug program. The pharmaceutical company recognized
the skill set of Cellceutix to efficiently and effectively analyze
the mechanism of action of a compound.
Currently, the teams are reviewing and finalizing regulatory
filings to proceed with clinical studies. Simultaneously, the newly
acquired compounds are being studied to identify the best uses and
targets for additional clinical trials. Cellceutix's biologists
believe that there could be a 'treasure chest' of drugs waiting to
be developed for several disease indications that may never have
been thought of by PolyMedix.
"Cellceutix has evolved into a formidable biotechnology company
with a first-class team that is laser-focused on developing drugs
that can benefit from expedited programs by the U.S. Food and Drug
Administration such as Fast Track and the GAINS Act, and do so on a
tight budget," commented Leo Ehrlich, Chief Executive Officer at
Cellceutix. "We have already paid for the manufacturing of Prurisol
and the acquisition of PolyMedix, and still have approximately $5
million in cash on hand with another $1 million available from the
Aspire financing that occurred last December. We are evaluating
several financing proposals ranging from $10 million to $20 million
that would solidify our financial strength as we move into
additional clinical trials. "
About Cellceutix
Headquartered in Beverly, Massachusetts, Cellceutix is a
publicly traded company under the symbol "CTIX". Cellceutix is a
clinical stage biopharmaceutical company focused on developing and
commercializing its pipeline of compounds for novel therapies in
areas of serious unmet medical need, including cancer, psoriasis
and antibiotic applications. More information is available on the
Cellceutix web site at www.cellceutix.com.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not
strictly historical, including statements as to revenue
projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
future collaboration agreements, the success of the Company's
development, events conditioned on stockholder or other approval,
or otherwise as to future events, such statements are
forward-looking, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made. Factors that
may impact Cellceutix's success are more fully disclosed in
Cellceutix's most recent public filings with the U.S. Securities
and Exchange Commission.
Cellceutix Corp. Leo Ehrlich (978) 236-8717 Email Contact
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