SEATTLE, Oct. 28 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today reported recent accomplishments and financial results for the third quarter ended September 30, 2010.
"We have made solid progress in controlling costs with a 52% decrease in net operating expense and a 68% decrease in net loss for the quarter compared to the same period last year while strengthening the balance sheet with the recent financing," said James A. Bianco, M.D., Chief Executive Officer of the Company. "We continue to advance pixantrone toward a Marketing Authorization Application submission in the E.U. and readying the clinical trial networks for initiating the PIX 306 follow-on pivotal clinical study."
Recent HighlightsReceived positive opinion agreeing to the Pediatric Investigation Plan for pixantrone from the Pediatric Committee (PDCO) of the European Medicines Agency (EMA). Additionally, the PDCO also recommended deferral of the initiation of the clinical studies until after the drug receives EMA approval. Announced intention to appeal the U.S. Food and Drug Administration's (the "FDA") decision on New Drug Application (NDA) for pixantrone, which submission is targeted for November. Submitted PIX306 follow-on pivotal study to the newly created Division of Hematologic Products at FDA for review. Retired all convertible debt due in 2010 The Mayo Clinic's clinical trial network, the North Central Cancer Treatment Group ("NCCTG"), initiated patient enrollment in two phase II programs conducted by the NCCTG: one clinical trial with pixantrone in metastatic breast cancer and one clinical trial using brostallicin in triple negative metastatic breast cancer.
For the quarter ended September 30, 2010, total net operating expenses decreased 52% to $13.0 million compared to $27.1 million for the same period in 2009. The decrease was mainly due to decreased expenses