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Cell Therapeutics Presents Corporate Highlights at Invest Northwest Conference
Date:3/18/2009

Company estimates sales of pixantrone, if approved, could potentially reach $1 billion by 2014

SEATTLE, March 19 /PRNewswire-FirstCall/ -- Craig Philips, President of Cell Therapeutics, Inc. (CTI) (NASDAQ and MTA: CTIC) reviewed CTI's programs in a presentation at the 8th Annual WBBA Invest Northwest Conference on Wednesday, March 18th . Mr. Philips' highlights focused on CTI's pixantrone program for treatment of aggressive relapsed non-Hodgkin's lymphoma (NHL) and OPAXIO for treatment of non-small cell lung cancer, including:

  • Shared market forecast estimates conducted by CTI based on third-party market research that, if pixantrone were approved in late 2009 by the FDA in the US, and subsequently approved in Europe, the potential combined market could approach $1 billion in sales by 2014 subject to certain market penetration, competitive landscape and pricing assumptions.

  • Summarized positive results from the phase III EXTEND trial of pixantrone in aggressive relapsed NHL for which it met the trial's primary endpoint, with patients treated with pixantrone achieving a high rate of confirmed and unconfirmed complete remissions compared to patients treated with standard chemotherapy (14/70 (20.0%) for pixantrone arm compared to 4/70 (5.7%) for the standard chemotherapy arm, p = 0.02). CTI expects to complete a New Drug Application filing for pixantrone in the second quarter of 2009.

  • Reviewed OPAXIO data in small cell lung cancer and the status of the ongoing phase III study in ovarian cancer. CTI expects to receive an opinion on the Marketing Authorization Application in Europe that is currently under review by the European Medicines Agency in the second half of 2009.

  • Reviewed recent initiatives taken by CTI to reduce expenses including a reduction in workforce, taking employees from 194 as of December 31, 2008 to 85 employees by early second quarter of 2009 resulting from CTI's planned closure of its Bresso, Italy pre-clinical research operation and employees associated with Zevalin. CTI recently sold its remaining 50% interest in the Zevalin joint venture to Spectrum Pharmaceuticals for approximately $16.5 million.

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.

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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 pixantrone and OPAXIO include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and with pixantrone and OPAXIO in particular, including, without limitation, our ability to submit an NDA in the first half of 2009 for pixantrone and gain approval in 2009, the potential failure of these products to prove safe and effective for treatment of relapsed aggressive NHL, non-small cell lung cancer and ovarian cancer, determinations by regulatory, patent and administrative governmental authorities, that the forecast estimates for the potential sales will be achieved, the Company's ability to continue to raise capital as needed to fund its operations, competitive factors, technological developments, costs of developing, producing and selling pixantrone and OPAXIO, and the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K, 8-K, and 10-Q. 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 Logan
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors


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SOURCE Cell Therapeutics, Inc.
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