Innovation Pharmaceuticals Inc (IPIX)

[keltoi]

Thanks , Leo!
Kelt

Cellceutix Anti-Psoriasis Drug Advances Toward Phase 2 Clinical Trials With Selection of Dr. Reddy's Laboratories For Manufacturing
Company to Present at Annual Rodman and Renshaw Investment Conference
BEVERLY, MA – September 3, 2012-- Cellceutix Corporation (OTCBB: CTIX) (the "Company"), a clinical stage biopharmaceutical company focused on discovering small molecule drugs for hard to treat diseases,announces that it has concluded negotiations and selected Dr. Reddy’s Laboratories Ltd. (“Dr. Reddy’s”), a New York Stock Exchange-listed company traded under the ticker “RDY,” for the manufacturing of Prurisol™, the Company’s new drug candidate for the treatment of psoriasis.
Dr. Reddy’s has extensive knowledge of this technology and has expressed excitement to work on this project for Cellceutix. Dr. Reddy’s will manufacture Prurisol for oral dosing at levels sufficient for the Company’s planned phase 2/3 clinical trials. Currently in meetings with clinical sites in Europe and the U.S., the Company intends to begin the clinical trials upon completion of the manufacturing.
“We have great expectations for this drug because it performed amazingly in lab studies.Our research showed Prurisol to be much more effective than methotrexate, a standard of care treatment for advanced psoriasis, as there was no recurrence of psoriasis on the animals. Visually, it eliminated all indications of psoriasis. We wanted to use only a world class manufacturer and Dr. Reddy’s is internationally-renowned for their excellencein research, manufacturing and distribution,” said Leo Ehrlich, Chief Executive Officer at Cellceutix. “As we continue to emerge as a leading drug developer, we are committed to working with companies and organizations that have high standards and a strong reputation. Dr. Reddy’s is a perfect fit for Prurisol. Prurisol has a complex process for synthesizing and manufacturing in oral form and we are very pleased to have Dr. Reddy’s handling those formulations.”
Additionally, Cellceutixreports that its CEO Leo Ehrlich and Chief Scientific Officer Dr. Krishna Menon will be presenting a corporate presentation at the Rodman and Renshaw Annual Global Investment Conference's (14th Annual Healthcare Conference) on Tuesday, September 11, 2012, at 3:40 p.m. Eastern Time at the Waldorf Astoria Hotel in New York City. A live webcast of the presentation will be available at http://www.wsw.com/webcast/rrshq22/ctix.An archived webcast of the presentation will be available on the Investors page at www.cellceutix.com.
Cellceutix also updated its shareholders on the status of Kevetrin’s clinical trials at Harvard Cancer Center's Dana-Farber Cancer Institute and Beth Israel Deaconess Medical Center. Changes were made to the protocol which necessitated Institutional Review Board (IRB) approval. We have been informed that the IRB meeting should take place before September 19, 2012. After IRB approval, the next steps are activation, recruitment and enrolling which we approximate will take about two weeks. Dosing can begin at this point.