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Cell Therapeutics, Inc. (CTI) Reports Third Quarter Financial Results and Milestones
Date:10/24/2011

inal Products for Human Use ("CHMP") in regards to CTI's MAA for pixantrone to treat relapsed or refractory aggressive NHL. Potential recommendation in the first quarter of 2012.
  • Requested meeting with the FDA to discuss the protocol for the phase III clinical trial of tosedostat to treat relapsed or refractory myelodysplatic syndrome ("MDS").

  • For the quarter ended September 30, 2011, total operating expenses were $15.3 million compared to $13.0 million for the same period in 2010. Net loss attributable to common shareholders was $29.7 million ($0.16 per share) for the quarter ended September 30, 2011 compared to a net loss attributable to common shareholders of $15.6 million ($0.13 per share) for the same period in 2010. The increase in net loss attributable to our common shareholders is mainly due to $13.0 million in non-cash deemed dividends on preferred stock issuances and a $2.4 million increase in research and development expenses primarily associated with the pixantrone PIX306 clinical study.

    For the nine months ended September 30, 2011, total operating expenses declined to $52.3 million, which included a one-time upfront payment of $5.0 million related to the licensing of tosedostat from Chroma Therapeutics Ltd., compared to $58.8 million for the same period in 2010.  Net loss attributable to common shareholders was $103.2 million ($0.62 per share), compared to a net loss attributable to common shareholders of $113.4 million ($1.03 per share) for the same period in 2010. For the nine month period, the decrease in net loss is mainly due to a decrease in selling, general and administrative expenses.  

    CTI had approximately $45.2 million in cash and cash equivalents as of September 30, 2011, which does not include approximately $8.2 million in other proceeds received in October 2011 in connection with the settlement of a lawsuit. Conference Call InformationOn Tuesday, October 25, 2011, at 8:30 a.m. E
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