Cellceutix Obtains Initial Funding To Advance Its Head And Neck Cancer Drug

Main Category: Ear, Nose and Throat
Also Included In: Cancer / Oncology
Article Date: 19 May 2008 - 1:00 PDT

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Cancer and anti-inflammatory drug developer Cellceutix (OTCBB: CTIX) completed a $400,000 9% Secured Convertible Debenture financing. The Debentures and concomitant interest come due December 1, 2009 and are convertible into the Company's common stock at $1.50 a share.

Cellceutix CEO and Chairman George Evans, JD, MBA, a former Pfizer (NYSE: PFE) Associate General Counsel and Senior VP, General Counsel Human Health (the big pharma's prescription drug division), said the proceeds will be used to advance the development of Kevetrin, the company's lead drug candidate, which is being developed to treat head and neck cancers and to date has been studied in more than 5,000 animals. In animal tests, Kevetrin has achieved tumor shrinkage 60% greater than radiation alone in head and neck cancers and 40% greater than Bristol-Myers' (NYSE: BMY) Taxol in breast cancer.

About Cellceutix

Cellceutix is an early-stage biopharmaceutical company with exclusive rights to six drug compounds, four of which were invented by its President and CSO Dr. Krishna Menon, RCM, PhD, VMD, a 1999 Eli Lilly (NYSE: LLY) Employee of the Year and co-inventor and lead developer of two of Lilly's blockbuster drugs, Gemzar and Alimta.

This press release may contain forward-looking statements. Cellceutix wants to remind readers that actual results may differ and may be adversely affected by, among other things, the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, potential competitive offerings, and access to capital. For more information, please visit the company's home on the web, http://www.cellceutix.com, and review its filings with the Securities and Exchange Commission.

Cellceutix