uding 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 fact
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