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news.Cellceutix has announced plans to advance the development of Kevetrin, the company's lead drug candidate, which is being developed to treat head and neck cancers and to date has been studied in more than 5,000 animals.
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As part of the R&D funding for Kevetrin, the company has completed a $400,000 9% secured convertible debenture financing. The debentures and concomitant interest come due December 1, 2009 and are convertible into the company’s common stock at $1.50 a share.
George Evans, Cellceutix CEO and chairman, said: “In animal tests, Kevetrin has achieved tumor shrinkage 60% greater than radiation alone in head and neck cancers and 40% greater than Bristol-Myers’s Taxol in breast cancer.”