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Cell Therapeutics, Inc.'s Second Quarter 2008 Financial Results

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Cell Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except for per share amounts)


Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007


Product sales $2,870 $ - $6,244 $ -

License and contract revenue 20 20 40 40

Total revenues 2,890 20 6,284 40

Operating expenses:

Cost of product sold 767 - 1,657 -

Research and development 15,857 16,516 31,712 31,802

Selling, general and

administrative 11,518 7,590 22,692 15,720

Amortization of purchased

intangibles 537 212 934 419

Acquired in-process research

and development - - 36 -

Total operating expenses 28,679 24,318 57,031 47,941

Loss from operations (25,789) (24,298) (50,747) (47,901)

Other income (expense):

Investment and other income 93 738 353 1,441

Interest expense (2,395) (2,098) (4,380) (4,019)

Amortization of debt discount

and issuance costs (30,202) (1,580) (41,146) (3,575)

Foreign exchange gain (loss) 76 387 (2,161) 834

Make-whole interest expense (25,596) - (33,377) (2,310)


SOURCE Cell Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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