Recent Announcements Suggest Cellceutix Is Well Positioned With Autism Compound; Pfizer and Novartis Announcements Indicate Interest in Autism by Major Companies

BEVERLY, MA--(Marketwire - May 12, 2010) -  Cellceutix Corporation (OTCBB: CTIX), a developer of small compounds for the treatment of cancer, autism and inflammatory diseases, believes that recent announcements by major pharmaceutical companies support its strategy of developing a novel compound to treat autism spectrum disorder. The New York Times published an article on April 29th to report the results from a small, overseas study for the treatment of fragile X syndrome by the Switzerland-based pharmaceutical giant Novartis. Fragile X, a genetic disorder characterized by changes in part of the X chromosome, is believed by Novartis to be a key aspect in attacking developmental disorders such as autism and mental retardation. Pfizer has also recently announced an effort to develop treatments for autism spectrum disorder.

"These announcements indicate that Cellceutix is in a prime position in the development of treatments for autism spectrum disorder," said Leo Ehrlich, the Chief Financial Officer of Cellceutix. "We are developing a novel compound for a disorder which has few treatment options. In an area that people were once skeptical about pharmaceutical advancements being possible, it is encouraging to see other companies showing significant interest."

Cellceutix acquired the rights to KM-391, its compound for the treatment of autism spectrum disorder, last year and has been diligently developing the compound since. Cellceutix has already completed an animal study that shows very encouraging results. Details of the data from the study are available at the Cellceutix website at www.cellceutix.com.

About Cellceutix
Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug developer. Cellceutix owns the rights to eight drug compounds, including Kevetrin™, which it is developing as a treatment for certain cancers, and KM-391, which it is developing for the treatment of autism. More information is available on the Cellceutix web site at www.cellceutix.com.

This Press Release contains forward-looking statements that are based on our current expectations, beliefs and assumptions about the industry and markets in which Cellceutix Corporation operates. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Cellceutix's actual results to be materially different from any future results expressed or implied by these statements. Actual results may differ materially from what is expressed in these statements, and no assurance can be given that Cellceutix can successfully implement its core business strategy and improve future earnings.

The factors that may cause Cellceutix's actual results to differ from its forward-looking statements include: Cellceutix's current critical need for additional cash to sustain existing operations and meet ongoing existing obligations and capital requirements; Cellceutix's ability to implement its new product development and commercialization, enter into clinical trials, expand the intellectual property portfolio, and receive regulatory approvals in a timely and cost-effective manner. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in Cellceutix's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.

Kevetrin 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.

Contact Information:

Contact:
Cellceutix Corp.
Leo Ehrlich
(978) 633-3623
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