Spin-off would reduce CTI burn rate by $14 million
SEATTLE, Feb. 6 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that it has engaged the services of a strategic advisory consulting firm, Adjuvant Global Advisors, LLC, (Adjuvant) to assist in developing strategic options for a partnership, asset divestment or joint venture for Cell Therapeutics Europe Sede Secondaria (CTE), the preclinical drug development arm of CTI, in Bresso, Milan. The move is designed to narrow the focus of CTI's business plan, reducing its burn rate by $14 million as it also maintains the mission and workforce of the Bresso facility.
"As CTI transitions from a research-based operation to a commercial drug company, it has been transferring resources to its U.S. sales and marketing operations," said James A. Bianco, M.D., CEO of CTI. "As we have previously announced, we are refocusing our resources on late-stage and marketed products, and as such, CTI needs to reduce its preclinical operations."
Adjuvant's role will be to seek out a potential buyer or partner for the Bresso facility, with the aim of identifying organizations that want to expand with an intact and integrated preclinical team.
"Bresso is an acquisition opportunity for clinical research organizations or pharmaceutical companies to acquire a productive GLP compliant research and development asset that has a proven track record in advancing molecules from discovery to clinic," said Christina Waters, Ph.D., M.B.A., President, CTE and Systems Medicine LLC.
The Bresso personnel have worked together in oncology for many years and offer fully-integrated services ranging from Target discovery, Lead discovery and optimization, Preclinical development (non-GLP/GLP), along with preclinical activities supporting Clinical development (Phase I - Phase III, and Regulatory (EU/USA). The organization is
|SOURCE Cell Therapeutics, Inc.|
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