Navigation Links
CTI Receives the Second Payment of $6.5 million Associated with the Sale of Interest in Zevalin Joint Venture
Date:4/5/2009

SEATTLE, April 6 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that it received $6.5 million from Spectrum Pharmaceuticals, Inc. (Spectrum) in connection with the sale of its 50% interest in the Zevalin joint venture to Spectrum for approximately $16.5 million that closed in March 2009. CTI previously received approximately $6.5 million on March 2, 2009, related to this transaction, and the remaining $3.5 million, subject to adjustments for expenses and revenues, among other things, is to be received on April 15, 2009. CTI sold an initial 50% interest in Zevalin to Spectrum in connection with the establishment of a 50/50 owned joint venture with Spectrum for approximately $15 million in December 2008, bringing total gross funds that will be received from Spectrum for 100% interest in Zevalin to approximately $31.5 million. CTI originally purchased Zevalin from Biogen Idec Inc. in December 2007 for $10 million (plus certain milestone payments, all of which will be the responsibility of Spectrum if or when they come due).

"In this difficult capital market we are pleased to have access to this non-dilutive operating capital as we advance our products through the regulatory process to approval and commercialization," said James A. Bianco, M.D., CEO of Cell Therapeutics. "We will continue to seek product partnerships and other sources of financing to fund our ongoing operations that in addition to our efforts reducing in expenses will ultimately drive shareholder value."

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.

Sign up for email alerts and get RSS feeds at our Web site,

http://www.celltherapeutics.com/news_subscription_service

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. Specifically, the risks and uncertainties that could affect the ongoing development of the Company's products such as pixantrone and OPAXIO include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and with such products in particular including, without limitation, the Company's ability to identify and negotiate product partnerships, the Company's ability to raise additional capital to continue to fund its operations, the potential failure of pixantrone to prove safe and effective for treatment of relapsed aggressive NHL as determined by the FDA, other determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, and costs of developing, producing and selling such products and the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

    Media Contact:
    Dan Eramian
    T: 206.272.4343
    C: 206.854.1200
    E: media@ctiseattle.com
    www.CellTherapeutics.com/press_room

    Investors Contact:
    Ed Bell
    T: 206.282.7100
    Lindsey Jesch Logan
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. VIA Pharmaceuticals Receives Anticipated Notice From NASDAQ
2. TorreyPines Therapeutics Receives Notice of Non-Compliance with Nasdaq Continued Listing Requirements
3. Mylans Matrix Receives First Tentative FDA Approval Under PEPFAR for Generic Truvada(R)
4. BioMarin Receives Notice of Allowance for Once Daily Dosing Patent for Kuvan
5. PAREXEL Receives BioSingapore Award for Best Performing CRO
6. Isolagen, Inc. Receives Notification Letter from Amex
7. NeurogesX Qutenza(TM) (NGX-4010) Receives Positive Committee Recommendation in European Union
8. Dow AgroSciences Receives Approval for New Technology to Control Cotton Pests in Brazil
9. Intradigm Receives Notice of Allowance for Key RNA Interference (RNAi) Patent Covering Potent siRNA Sequence
10. Helix BioPharma Receives Approval to Initiate Phase II Pharmacokinetic Clinical Study of Topical Interferon Alpha-2b in Patients with Low-Grade Cervical Lesions
11. Prometheus Receives New York State Approval for PROMETHEUS(R) IBS Diagnostic, First Blood Test for Irritable Bowel Syndrome
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... 2017 ... share data, unaudited)Three Months Ended December 31,Twelve Months Ended ... $           ... 89026%Aldurazyme Net Product Revenue 3539(10)%9498(4)%Kuvan ... Product Revenue  756025%297303(2)%Vimizim Net Product ...
(Date:2/23/2017)... -- Seattle,s upscale Capitol Hill neighborhood, with its swanky shops, parks and ... lice treatment salon to set up shop. But there,s ... French bistro on E Madison Ave, and CEO Maria ... lice clinic, we pride ourselves on being a destination for ... the stigma associated with lice. Everyone can get lice – ...
(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... ... studies (such as insulin, cortisol, CRP, adiponectin, uric acid, and/or other biomarkers or ... Salivary Insulin Assay from Salimetrics’ SalivaLab , the relationship between insulin and ...
(Date:2/23/2017)... CARDIFF, UK (PRWEB) , ... February 22, 2017 ... ... for optics and photonics , have been named Fellows of the Society this ... and technical contributions in the multidisciplinary fields of optics, photonics, and imaging as ...
Breaking Biology Technology:
(Date:1/31/2017)... , Jan. 31, 2017  Spero Therapeutics, ... therapies for the treatment of bacterial infections, today ... of antibacterial candidates from Pro Bono Bio Ltd ... prevalence of multi-drug resistant forms of Gram-negative bacteria.  ... Anti Infectives Ltd, a PBB group company. ...
(Date:1/24/2017)... 24, 2017 Biopharm Reports has carried ... use of nuclear magnetic resonance spectroscopy (NMR). This ... profiled current practices, developments, trends and end-user plans ... growth and opportunities. These areas include growth in ... needs and innovation requirements, hyphenated NMR techniques, main ...
(Date:1/19/2017)... 19, 2017 Sensory Inc ., ... security for consumer electronics, and i ... and cybersecurity solutions, today announced a global partnership ... institutions worldwide to bolster security of data sensitive ... user authentication platforms they offer, innerCore now offers ...
Breaking Biology News(10 mins):