Cellceutix Signs Agreement for Kevetrin(TM) Safety Studies With Toxikon Corporation

Company Advances Kevetrin Toward Human Studies, Targeting
Resistant Cancers

Last Hurdle Before IND Filing
BEVERLY, Mass., Nov. 2, 2009 (GLOBE NEWSWIRE) -- Cellceutix Corporation
(OTCBB:CTIX), a bio-pharmaceutical company that develops small molecules to
treat cancer and inflammatory disease, today announced that is has concluded an
agreement with Toxikon Corporation of Bedford, Massachusetts, to conduct the
remaining preclinical studies required for an Investigational New Drug (IND)
filing for its cancer drug Kevetrin(TM). The terms of the agreement were not
disclosed. The studies covered by the agreement are designed to confirm that
Kevetrin meets FDA safety requirements for studies in humans.

"We believe we've found an excellent, globally recognized partner in Toxikon,"
said George Evans, CEO of Cellceutix. "This is a big step for Cellceutix and
represents our last hurdle before asking the U.S. FDA for permission to conduct
Phase 1 human studies with Kevetrin, our lead drug candidate."

Kevetrin is being developed to treat drug resistant cancers. The Company has
recently reported that Kevetrin showed greater tumor shrinkage than standard
therapies in animal models of resistant lung cancer and resistant breast cancer.
Kevetrin recently received national attention when the American Association for
Cancer Research (AACR), chose to feature an abstract of animal model experiments
with Kevetrin in multi-drug resistant lung cancer cell lines at their meeting of
"Frontiers in Basic Cancer Research."

For more information about these results, please visit the Cellceutix web site
at www.cellceutix.com.

"We are very pleased to have been selected by Cellceutix to perform these
important toxicology studies," said Dr. Laxman Desai, President and CEO of
Toxikon. "We look forward to helping Cellceutix achieve its goal of reaching
Phase 1 with Kevetrin as soon as possible."

About Toxikon

Toxikon Corporation is a life science company and a Contract Research
Organization (CRO) that primarily conducts compliance studies for product
safety. Headquartered in Bedford, Massachusetts, Toxikon owns and operates a
125,000 square foot state-of-the-art facility. With more than 30 years of
industry experience, Toxikon conducts compliance safety testing and research
following Good Laboratory Practices (GLP). The safety studies are performed in
support of United States FDA, Japanese, and other international regulatory
compliance guidelines for products developed from medical devices, biotech, and
pharmaceutical industries. For more information on Toxikon please visit their
website at www.toxikon.com.

About Cellceutix

Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug
developer. Cellceutix owns the rights to seven drug compounds, including
Kevetrin, which it is developing as a treatment for certain cancers, and KM-133,
which it is developing for the treatment of psoriasis. 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 has 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.

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CONTACT: Cellceutix Corp.
Leo Ehrlich
(978) 633-3623
Leo@Cellceutix.com

Toxikon Corporation
Timothy Fisher
781-275-3330 x116
Timothy.Fisher@toxikon.com