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Cell Therapeutics 2009 losses narrow as R&D and financing expenses decline

Last updated: 20:43 11 Feb 2010 GMT, First published: 21:43 11 Feb 2010 GMT

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Cell Therapeutics (NASDAQ: CTIC) reported a 34% year-on-year fall in attributable net loss in Q4, while full year losses declined 42% to US$116.8 million compared to a US$202.9 loss in 2008 as a result of lower R&D (research and development) and financing expenses.

The company’s key accomplishments during the year included the initiation a marketing authorization application for pixantrone in Europe, which is expected to be filed in mid-2010.

CTI expects to meet with the FDA (Food and Drugs Administration) in H1 2010 to discuss a potential registration trial for OPAXIO as a radiation sensitizer after Phase II clinical data on OPAXIO demonstrated high rates of pathologic complete remissions for treatment of patients with advanced esophageal cancer.

Operating expenses for the quarter increased to US$26.2 million from US$11.2 million a year earlier as a result of an equity based compensation expense of US$11.7 million and a US$9.4 million gain on the sale of Zevalin. R&D expenses declined 15% to US$7.3 million for the quarter and 42% for the full year to US$30.2 million.

CTI has US$37.8 million in cash, cash equivalents and securities, which does not include offering proceeds of US$28.2 million received in January 2010. Debt was cut by US$57.4 million, while all outstanding preferred stock was eliminated.

The sale of Zevalin and institutional investments resulted in net proceeds of US$136 million in 2009.

“In 2009 we focused on streamlining our operations, improving our balance sheet and supporting our late stage product to position us for the potential commercialization of a CTI product. We look forward to presenting the benefit-risk pixantrone data to the Oncologic Drugs Advisory Committee at the meeting which is being rescheduled especially in light of the completion of the updated study overall survival results,” said chief executive James Bianco.

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