Cell Therapeutics, Inc. Reports First Quarter Accomplishments and Financial Results
SEATTLE, April 27, 2011 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (NASDAQ and MTA: CTIC) today reported accomplishments and financial results for the first quarter ended March 31, 2011.
"In the first quarter, we raised $50 million through two financings, advanced pixantrone into a confirmatory pivotal trial and acquired an exclusive license from Chroma Therapeutics Ltd. ("Chroma") to co-develop and market Chroma's drug candidate, tosedostat, in the Americas all while reducing operating expenses compared to the same period last year," said James A. Bianco, M.D., Chief Executive Officer of CTI. "In March, we received the day 120 list of questions from the European Medicines Agency ("EMA") for our Marketing Authorization Application ("MAA") for pixantrone in Europe and are pleased with the review progress and the potential for a recommendation from the EMA's Medicinal Product Committee before the end of this year. We also expect to hear from the Office of New Drugs ("OND") this quarter relating to our appeal of the decision made on our New Drug Application ("NDA") for pixantrone. With an impressive portfolio of novel phase III drug candidates and the potential for regulatory approval for pixantrone, this year could be a pivotal year for the Company."
Review of 2011 Key AccomplishmentsCompleted two financings at a total offering price of $50 million in the first quarter 2011 Entered into a co-development and license agreement with Chroma, which is located in the United Kingdom. This agreement provides CTI with exclusive marketing and co-development rights to Chroma's drug candidate, tosedostat, in North, Central and South America. Tosedostat is an oral, tumor selective inducer of amino acid depletion responses that has demonstrated encouraging single agent anti-tumor responses in blood-related cancers and solid tumors in phase I-II clinical trials. Initiated a pivotal trial of pixantrone for the trea