Navigation Links
Cell Therapeutics Closes Italian Facility, Reduces Headcount and Expects to Cut $14 Million in Operating Expenses
Date:5/15/2009

Reaches severance agreement with unions

SEATTLE, May 15 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that, as previously discussed in a press release on February 27, 2009, it is closing its Bresso, Italy operations and has reached agreement with the employee union on a severance package. The agreement relates to a reduction of CTI's total headcount in Italy by 56 positions in the immediate months, and is expected to save CTI approximately $14 million in annual operating expenses moving forward. The Bresso facility was used for pre-clinical research and was underutilized due to CTI's focused business model on late stage development and commercialization.

CTI will continue to assist in searching for career opportunities for the Bresso employees. CTI also continues to support the employee's efforts to establish a local management buy-out for the facility but the closure of the facility and operations will start May 18, 2009.

About Cell Therapeutics, Inc.

Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.CellTherapeutics.com.

Sign up for email alerts and get RSS feeds at our Web site, http://www.CellTherapeutics.com/investors_news.htm

This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. Specifically, the risks and uncertainties that could affect the development of products include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, CTI's ability to continue to raise capital as needed to fund its operation, CTI's reduction in annual operating expenses may be less than projected and the risk factors listed or described from time to time in CTI's filings with the Securities and Exchange Commission including, without limitation, CTI's most recent filings on Forms 10-K, 10-Q, and 8-K. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

    Media Contact:
    Dan Eramian
    T: 206.272.4343
    C: 206.854.1200
    E: media@ctiseattle.com
    www.CellTherapeutics.com/press_room

    Investors Contact:
    Ed Bell
    T: 206.282.7100
    Lindsey Jesch
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. DJO Incorporateds Pending Merger With ReAble Therapeutics Clears U.S. Antitrust Review
3. PeriCor Therapeutics Announces Closing of Licensing Agreement for Acadesine with Schering-Plough Corporation
4. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
5. Amsterdam Molecular Therapeutics to Release H1 2007 Results on August 29, 2007
6. Nektar Therapeutics Appoints Tim Harkness as Chief Financial Officer
7. ExonHit Therapeutics: Allergan and ExonHits First Collaboration Compound to Begin Human Clinical Trials
8. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
9. Amsterdam Molecular Therapeutics Reports Half Year Results 2007
10. Nektar Therapeutics Appoints Lutz Lingnau as New Board Member
11. Anesiva Grants Specific-Use License of Its Needle-Free Drug Delivery Technology to Particle Therapeutics for Diabetes Drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... 19, 2017 /PRNewswire -- WuXi AppTec, a leading ... and technology platform, today announced that it has ... preclinical drug discovery contract research organization (CRO). After ... wholly-owned subsidiary of WuXi, and will continue to ... greater services. The acquisition will further strengthen WuXi,s ...
(Date:1/19/2017)... and GAITHERSBURG, Md. , ... PIP) and Altimmune, Inc., a privately-held immunotherapeutics company ... a definitive agreement for the merger of PharmAthene ... investors include Novartis Venture Fund, HealthCap, Truffle Capital ... a fully-integrated and diversified immunotherapeutics company with four ...
(Date:1/19/2017)... , ... January 18, 2017 , ... ... tech innovators, engineers, and scientists from around the world, was today awarded the ... awards program is based entirely on merit and decided upon by a dedicated ...
(Date:1/19/2017)... BETHESDA, Md. , Jan. 18, 2017  Northwest ... company developing DCVax® personalized immune therapies for operable and ... Marnix Bosch , Chief Technical Officer of NW Bio, ... Thursday, January 19, 2017, at the Hyatt Regency Hotel ... Dr. Bosch will chair the session entitled "New Therapeutic ...
Breaking Biology Technology:
(Date:12/20/2016)... and GENEVA, Dec, 20, 2016   Valencell , ... technology, and STMicroelectronics (NYSE: STM), a global ... electronics applications, announced today the launch of a ... biometric wearables that includes ST,s compact SensorTile ... Benchmark™ biometric sensor system. Together, SensorTile and ...
(Date:12/15/2016)... Germany , December 15, 2016 ... announced an agreement with NuData Security, an award-winning ... partnership will enable clients to focus on good customer experience, ... protection regulation. ... In order to provide a one-stop fraud prevention suite, ...
(Date:12/15/2016)... 2016 "Increase in mobile transactions is driving ... biometrics market is expected to grow from USD 4.03 ... at a CAGR of 29.3% between 2016 and 2022. ... growing demand for smart devices, government initiatives, and increasing ... component is expected to grow at a high rate ...
Breaking Biology News(10 mins):