Cell Therapeutics Net Loss Declines as Operating Expenses Decrease By 58% in Third Qu...( Zevalin(R) on Track ...)

Zevalin(R) on Track for Break-Even in 2008

SEATTLE, Nov. 7 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) reported financial results for the quarter ended September 30, 2008. Total revenues for the quarter were $2.6 million compared to $20,000 for the third 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 totaled $2.6 million in the third quarter of 2008. The Company also reported a significant decrease in operating expenses compared to the same period in 2007.

"We continue to make significant progress on the commercial front with the submission for a label expansion of Zevalin in September and our plan to report top-line results from the pixantrone pivotal trial in November, which if positive, would lead to us submitting an NDA in 2009," said James A. Bianco, M.D., CEO of CTI. "Importantly, we have made this progress while keeping in line with our strategy of reducing our expenses. Our net cash used for operating activities in the third quarter averaged approximately $5.75 million per month, a decrease of 27% from last quarter, and we are on target to reach our goal of $4.5 million per month in ongoing operating expenses in 2009."

Recent Highlights

-- Submitted supplemental Biologics License Application to the U.S. Food and Drug Administration (FDA) in September for use of Zevalin as consolidation therapy after remission induction in previously untreated patients with follicular non-Hodgkin's lymphoma based on First-line Indolent Trial data.

-- Announced that CTI has closed the data set for preliminary analysis of the primary endpoint in the phase III EXTEND (PIX301) trial of pixantrone (BBR2778) for patients with relapsed diffuse large B cell non-Hodgkin's lymphoma (NHL) and anticipates reporting top-line results in November.

-- Announced that Chri
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