Navigation Links
CTI Seeks Strategic Alternative for Italian Facility
Date:2/6/2009

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 comprised of approximately 50 experienced Ph.D. scientists, laboratory equipment and facilities. There is also available an existing pipeline of internal drug development projects which range from Phase II compounds to preclinical discovery programs.

In addition, "CTI hopes to continue to work with the Bresso facility on contract project work and support of existing CTI pipeline projects as part of the terms of any acquisition or other business arrangement," Waters concluded.

The Bresso facility was formerly NovusPharma, a spin out of Roche/Boehringer Mannheim, which CTI acquired in 2004.

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/investors_news.htm

About Adjuvant Global Advisors, LLC

Adjuvant Global Advisors is a strategic advisory firm serving a global pharmaceutical and biotechnology clientele. Its management team consists of scientific and business development experts with significant operational and transaction experience in the drug discovery and development industry. Adjuvant leverages a global industry network and expertise in regulatory, reimbursement, valuation and financial modeling strategies to rapidly develop strategic partnering and licensing options for clinical and preclinical programs. Adjuvant also advises on the repositioning of secondary assets and the promotion and positioning of novel discovery platforms. The firm maintains offices in Bethesda, MD and San Jose, CA. For more information about Adjuvant Global Advisors, please visit www.adjuvant.com

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 include that the Company may not be successful in identifying or completing a partnership, asset divestiture or joint venture with respect to the Bresso facility, the Company may not be successful in reducing its cash burn rate, the Company continues to have negative cash flow and a significant amount of debt outstanding and will need to raise additional capital to fund its operations; 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: 206.272.4345
    Lindsey Jesch
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors

    Adjuvant Contact:

    Ravi Kiron, PhD, MBA
    Managing Director
    Adjuvant Global Advisors, LLC
    T: 408.238.3398
    C: 650.224.3836
    E: rkiron@adjuvant.com
    www.adjuvant.com


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

Related biology technology :

1. Universal Bioenergy, Inc. Seeks Algae Feedstock Companies for Acquisition, Alliance, and Joint Venture Opportunities for Biodiesel Production
2. Osteotechs Next Generation Grafting Material, MagniFuse(TM) Bone Graft, a Breakthrough in Bone Regeneration; MagniFuse(TM) Bone Graft seeks to redefine the standard of care in the U.S. bone graft substitute market estimated to be in excess of $1.2 billio
3. NIU Seeks OK for New Proton Cancer Treatment and Research Center
4. West Michigan Science & Technology Initiative Seeks Exhibitors for Annual Life Science Showcase
5. GBC Seeks Nominations for Regions Third Annual Bioscience Awards
6. Quest PharmaTech Announces a Review of Strategic Alternatives to Enhance Shareholder Value
7. Advanced Instruments Makes Strategic Investment in Cantimer, Inc.
8. XTL Biopharmaceuticals Provides Update on Potential Strategic Alternatives
9. London-Based Double Helix Consulting Launches US Division for Strategic Pricing, Reimbursement and Market Access Solutions
10. XTENT to Retain Investment Bank to Pursue Strategic Alternatives
11. P2R Associates Presented with Eight MarCom Awards for Client Strategic Communication Programs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... Charm Sciences, ... microbial test has received AOAC Research Institute approval 061601. , “This is another ... year,” stated Bob Salter, Vice President of Regulatory and Industrial Affairs. “The Peel ...
(Date:6/23/2016)... ... June 23, 2016 , ... STACS DNA Inc., the sample tracking software ... State Crime Laboratory, has joined STACS DNA as a Field Application Specialist. , ... Tremblay, President and COO of STACS DNA. “In further expanding our capacity as a ...
(Date:6/23/2016)... NEW YORK , June 23, 2016 ... the trading session at 4,833.32, down 0.22%; the Dow Jones ... the S&P 500 closed at 2,085.45, down 0.17%. Stock-Callers.com has ... INFI ), Nektar Therapeutics (NASDAQ: NKTR ... BIND Therapeutics Inc. (NASDAQ: BIND ). Learn more ...
(Date:6/23/2016)... 2016 ReportsnReports.com adds 2016 ... its pharmaceuticals section with historic and forecast data ... more. Complete report on the Cell ... 15 companies and supported with 261 tables and ... . The Global Cell Culture Media ...
Breaking Biology Technology:
(Date:5/9/2016)... DUBAI , UAE, May 9, 2016 ... choice when it comes to expanding freedom for high ... Even in today,s globally connected world, there ... online conferencing system could ever duplicate sealing your deal ... are obtaining second passports by taking advantage of citizenship ...
(Date:4/26/2016)... India and LONDON ... Infosys Finacle, part of EdgeVerve Systems, a product ... and Onegini today announced a partnership to integrate ... solutions.      (Logo: http://photos.prnewswire.com/prnh/20151104/283829LOGO ... to provide their customers enhanced security to access ...
(Date:4/15/2016)... , April 15, 2016 ... "Global Gait Biometrics Market 2016-2020,"  report to their ... ) , ,The global gait biometrics market ... 13.98% during the period 2016-2020. Gait ... which can be used to compute factors that ...
Breaking Biology News(10 mins):