Cellceutix (CTIX) Trades Higher; Given FDA Clearance to Proceed with Kevetrin Study

June 22, 2012 10:19 AM EDT
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Cellceutix Corporation (OTCBB: CTIX) shares are ticking higher Friday morning, up about 4.4 percent on the session, after issuing the following release:

"Cellceutix announced that the U.S. Food and Drug Administration ("FDA") has completed the review of the Company's Investigational New Drug (IND) application for Kevetrin", the Cellcetix's novel anti-cancer compound, and has yesterday informed Cellceutix that "we have completed the review of your submission, and have concluded that you may proceed with the proposed study."

As previously disclosed, the Phase 1 clinical trials are slated to be conducted at Harvard Cancer Center's Dana-Farber Cancer Institute and partner Beth Israel Deaconess Medical Center.

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