SEATTLE, Nov. 2, 2010 /PRNewswire/ — Cell Therapeutics, Inc.
(“CTI”) (Nasdaq and MTA: CTIC) today announced that it has been
awarded $977,917 in grants under the Therapeutic Discovery Tax
Credit program that was enacted under the U.S. government’s Patient
Protection and Affordable Care Act. The program targets projects
that show potential to produce new therapies, address unmet medical
needs, reduce the long-term growth of health care costs and advance
the goal of curing cancer. CTI was awarded the grants for CTI’s
programs pixantrone, OPAXIO, brostallicin and bisplatinates which
are all focused in the area of oncology.
“We are pleased that the U.S. Department of Health and Human
Services recognizes the potential impact that CTI’s research and
drugs could have for patients and specifically in advancing the
effort to make cancer more treatable,” said James A. Bianco, M.D.,
CEO of Cell Therapeutics. “This program is also recognition of the
importance of the contribution the biotechnology industry is making
to U.S. healthcare. These grants will allow CTI to further advance
its product candidates in an effort to treat areas that have
significant unmet medical needs.”
About Cell Therapeutics, Inc.Headquartered in Seattle, CTI is
a biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable. For additional information, please visit www.CellTherapeutics.com.
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This press release includes forward-looking statements
that involve a number of risks and uncertainties, the outcome of
which could materially and/or adversely affect actual future
results and the market price of CTI’s securities. Specifically, the
risks and uncertainties associated with
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