Zevalin(R) net sales of $15 million in 2008 on target; Potential label
expansion could further drive sales
SEATTLE, Aug. 18 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) reported financial results for the quarter ended June 30, 2008. Total revenues for the quarter were $2.9 million compared to $20,000 for the second quarter of 2007 due primarily to sales of Zevalin(R) (Ibritumomab Tiuxetan), a commercial radiopharmaceutical that CTI acquired in December 2007. Net product sales of Zevalin reached $2.9 million in the second quarter of 2008.
"Given recent sales trends and growing physician interest, as well as recent Congressional action to extend reimbursement rates for Zevalin, we believe we are on track to reach $15 million in annual net sales for Zevalin this year," said James A. Bianco, M.D., CEO of CTI. "Furthermore, potential expansion of the label for Zevalin based upon data we recently obtained from Bayer Schering Pharma's First-line Indolent Trial (FIT) could support future sales growth. In addition to our progress with Zevalin, we now have OPAXIO's Marketing Authorization Application under review in Europe and expect results from our phase III pixantrone trial in the fourth quarter."
-- Entered into agreement with Bayer Schering Pharma for access to phase III Zevalin(R) FIT data for potential U.S. supplemental Biologics License Application (sBLA) to seek label expansion.
-- Scheduled meeting with the U.S. Food and Drug Administration (FDA) in September to discuss the possibility of filing a sBLA for use of Zevalin as consolidation therapy after remission induction in previously untreated patients with follicular non-Hodgkin's lymphoma based on FIT trial data.
-- Legislation was passed by Congress that would continue the 2007
reimbursement methodology for therapeutic radioimmunotherapies for an
additional 18 months with a start date of July
|SOURCE Cell Therapeutics, Inc.|
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