Navigation Links
CTI Receives the Second Payment of $6.5 million Associated with the Sale of Interest in Zevalin Joint Venture

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

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

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

    Investors Contact:
    Ed Bell
    T: 206.282.7100
    Lindsey Jesch Logan
    T: 206.272.4347
    F: 206.272.4434

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:
(Date:11/27/2015)... ... November 27, 2015 , ... Pittcon is ... 2,000 technical presentations offered in symposia, oral sessions, workshops, awards, and posters. ... wide range of applications such as, but not limited to, biotechnology, biomedical, drug ...
(Date:11/25/2015)... --> ... 2020 report analyzes that automating biobanking workflow will ... long-term samples, minimizing manual errors, improving the workflow ... errors such as mislabeling or inaccurate sample barcoding ... a vital role in blood fractionation, DNA extraction, ...
(Date:11/25/2015)... HOLLISTON, Mass. , Nov. 25, 2015 /PRNewswire/ ... ), a biotechnology company developing bioengineered organ implants for ... will present at the LD Micro "Main Event" ... p.m. PT. The presentation will be webcast live and ... will also be available at the conference for one-on-one ...
(Date:11/25/2015)... , Nov. 25, 2015 Orexigen® Therapeutics, Inc. ... participate in a fireside chat discussion at the Piper ... York . The discussion is scheduled for Wednesday, ... .  A replay will be available for ... Stilwell  , Julie NormartVP, Corporate Communications and Business ...
Breaking Biology Technology:
(Date:11/9/2015)... Nov. 9, 2015  Synaptics Inc. (NASDAQ: SYNA ... announced broader entry into the automotive market with a ... the pace of consumer electronics human interface innovation. Synaptics, ... ideal for the automotive industry and will be implemented ... Europe , Japan , ...
(Date:11/2/2015)... , Nov. 2, 2015  SRI International has been ... provide preclinical development services to the National Cancer Institute ... will provide scientific expertise, modern testing and support facilities, ... preclinical pharmacology and toxicology studies to evaluate potential cancer ... The PREVENT Cancer Drug Development Program is an ...
(Date:10/29/2015)... Oct. 29, 2015  The J. Craig Venter Institute ... "DNA Synthesis and Biosecurity: Lessons Learned and Options for ... Health and Human Services guidance for synthetic biology providers ... --> --> Synthetic ... the potential to pose unique biosecurity threats. It now ...
Breaking Biology News(10 mins):