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Cell Therapeutics, Inc. (CTI) Reports 2008 Fourth Quarter and Year End Financial Results
Date:3/16/2009

from Biogen in December 2007 for $10 million.
  • Planned reduction in force will reduce headcount from 194 employees as of December 31, 2008 to 85 employees early in the second quarter of 2009. The reduction in force is primarily related to the planned closure of Bresso, Italy Research Center and employees that were dedicated to Zevalin related activities. Closing the facility and the sale of Zevalin is expected to result in a reduction in annual operating expenses of approximately $29 million that, in addition to other expense reductions, are forecasted to reduce net operating expenses to approximately $2.1 million per month in the second half of 2009.

    • "Unfortunately in this current economic environment the Company finds itself like most of our peers unable to justify supporting non-essential long term investments in preclinical research. In a move to maintain adequate liquidity to advance pixantrone to market we continue to streamline our operations to meet the goal of pixantrone approval in 2009," said James A. Bianco, M.D., CEO of CTI. "The non-dilutive capital infusion from the sale of Zevalin and resulting reduction in expenses associated with the product is important as we can utilize our resources for products we now believe have significantly greater market potential."

    Financial Results

    For the quarter ended December 31, 2008, total operating expenses decreased approximately 69% to $11.2 million compared to $36.2 million for the same period in 2007 mainly as a result of the reduction in research and development expenses as well as a gain of $9.4 million on the sale of Zevalin to a 50/50 owned joint venture with Spectrum in 2008. CTI reported a net loss attributable to common shareholders of $41.3 million ($0.52 per share) compared to a net loss attributable to common shareholders of $39.1 million ($7.44 per share) for the same period in 2007. The reduction in net lo
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    SOURCE Cell Therapeutics, Inc.
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