Cell Therapeutics, Inc. (CTI) Reports 2008 Fourth Quarter and Year End Financi...( Net operating expenses decreased by 3...)

Net operating expenses decreased by 33% in 2008; Forecast cutting net operating expenses by approximately 50% in 2009

CTI expects to complete pixantrone NDA submission in Q2 2009

SEATTLE, March 16 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) today reported recent accomplishments and financial results for the fourth quarter and year ended December 31, 2008.

Recent Events

• Met primary endpoint in the Phase III study of pixantrone in relapsed, aggressive non-Hodgkin's lymphoma with patients treated with pixantrone achieving a high rate of confirmed and unconfirmed complete remissions compared to patients treated with standard chemotherapy (14/70 (20.0%) for pixantrone arm compared to 4/70 (5.7%) for the standard chemotherapy arm, p = 0.02). Additionally, demonstrated an increase in progression free survival of 81% compared to standard chemotherapeutic agents. CTI expects to complete submission of the pixantrone NDA in the second quarter of 2009. CTI will request priority review for the application. Potential approval by end of 2009.
• Zevalin sales prior to the establishment of the joint venture with Spectrum Pharmaceuticals, Inc. (Spectrum) were approximately $11.4 million in 2008.
• Sold an initial 50% interest in Zevalin to a 50/50 owned joint venture with Spectrum for $15 million in December 2008 and sold the remaining 50% interest in the Zevalin joint venture to Spectrum for approximately $16.5 million in March 2009, bringing total gross funds that will be received from Spectrum for 100% interest in Zevalin to $31.5 million. The transaction closed with CTI receiving $6.5 million on March 2, 2009, with the remaining $10 million to be received as follows: $6.5 million on April 3, 2009, and $3.5 million, subject to adjustments for expenses and revenues, on April 15, 2009. Zevalin was originally purchased
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