Cellceutix Appoints Dr. Barry Schechter to Board of Directors as Company Focuses on Meeting Requirements for Stock Exchange Uplisting

BEVERLY, MA--(Marketwired - Sep 2, 2014) - Cellceutix Corporation (OTCQB: CTIX) (the "Company"), a clinical stage biopharmaceutical company developing innovative therapies in oncology, dermatology, and antibiotic applications, is pleased to announce the appointment of Dr. Barry Schechter M.D. F.A.A.O. to the Cellceutix Board of Directors, effective October 1st, 2014. Dr. Schechter, a Principal and the Director of the Department of Cornea and External Disease at Florida Eye Microsurgical Institute, brings years of experience to Cellceutix through his specialization in ocular pathology and diseases, including infections.

Cellceutix is focused on meeting the remaining requirements necessary to uplist to a senior exchange. The Company believes that being listed on the New York Stock Exchange or NASDAQ will serve many valuable functions, including allowing large funds and institutions to invest who are otherwise not allowed to invest in OTC-listed companies, increased stock liquidity, and validating market potential for Cellceutix's extensive pipeline. Cellceutix plans to call for a shareholder meeting to elect additional independent directors for serving on its board and audit committee in the coming weeks.

"As we make preparation to uplist to a senior exchange while simultaneously expanding our portfolio into additional indications, it is an opportune time for us to strengthen our team. Dr. Schechter is an outstanding addition to lend his expertise for our clinical and especially ophthalmic initiatives, as we prepare Brilacidin for ocular infections," commented Leo Ehrlich, Chief Executive Officer of Cellceutix. "We have now completed our 8^th cohort in our Kevetrin trial at Harvard Cancer Center's Dana Farber and Beth Israel Deaconess hospitals. We are approaching a pivotal point for our Company, especially with all of the clinical data on the horizon and now is the time to push forward. Venerable individuals like Dr. Schechter, in combination with others that we are recruiting as independent directors, will help us take it to the next level. We feel that the market is only just starting to appreciate the real value of Cellceutix. Our experience suggests that there is a great deal of interest in Cellceutix by institutions and funds that are governed by rules that limit investment in OTC-listed companies. By executing these appointments, we are a step closer to becoming a NYSE or NASDAQ company and attracting a whole new group of long-term investors."