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 Accomplishments
Completed 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