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.”