Cell Therapeutics, Inc. (CTI) Reports 2008 Fourth Quarter and Year End Financi...(ss per share is due to an increase in th...)

For the year ended December 31, 2008, total operating expenses decreased approximately 33% to $88.7 million for 2008 compared to $133.1 million for 2007 mainly as a result of a decrease in research and development expenses, acquired in-process research and development expense of $24.6 million in 2007 and a gain of $9.4 million on the sale of Zevalin to a 50/50 owned joint venture with Spectrum in 2008. CTI posted a net loss attributable to common shareholders of $202.9 million ($7.00 per share), compared to a net loss attributable to common shareholders of $148.3 million ($32.75 per share) for the same period in 2007. The increase in net loss is primarily related to increased expenses related to financing in 2008. The reduction in net loss per share is due to an increase in the number of shares outstanding.

The Company ended the year with cash and cash equivalents, securities available-for-sale and interest receivable of approximately $10.7 million. In March 2009, CTI closed its transaction to sell its remaining interest in the Zevalin joint venture to Spectrum for approximately $16.5 million. Even with this additional financing, in order to meet liquidity needs, the Company will need to raise additional capital this year in order to fund its continued operations and is exploring alternatives to do so, which may include potential partnerships or joint ventures, public or private equity financings, debt financings or restructurings, dispositions of assets or other means.

In addition, given the current credit crunch most biotech companies must operate in today, its Board of Directors is engaged in an evaluation of short- and long-term strategic business development opportunities and operational efficiencies for the company and has authorized management to retain a financial advisor for this process.

The review process may includ
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