Formed RIT Oncology, LLC, a 50/50 joint venture with Spectrum, by contributing all assets exclusively related to the Zevalin product in exchange for $15 million in payments to CTI and a 50% membership interest in the joint venture. CTI may also receive up to an additional $15 million in product sales milestones payments upon achievement by the joint venture of certain revenue targets. The partnership will enable CTI to deploy a larger combined sales and marketing team to accelerate top-line product revenues in the near- term and reduce costs to develop Zevalin for new growth opportunities, and could help realize a successful first-line consolidation launch in 2009 and beyond if the Zevalin sBLA is approved. The new joint venture will initially double the sales force and marketing operations for Zevalin in the U.S.
Successfully achieved the primary efficacy endpoint in our pivotal phase III study of pixantrone in relapsed aggressive non-Hodgkin's lymphoma and have scheduled pre-NDA meeting with the FDA in early 2009.
Submitted a marketing authorization application (MAA) to the European Medicines Agency for OPAXIO for first-line treatment of patients with non- small cell lung cancer with ECOG (Eastern Cooperative Oncology Group) performance status 2 (PS2). OPAXIO is a drug candidate which is exclusively partnered with Novartis.
Reduced net cash used for operating activities for the reported nine months ended September 30, 2008 while maintaining key milestone timelines.
Raised significant operating capital to fund operations resulting in
advancement of our product portfolio and strategic initiatives in a
challenging economic and capital market environment. Even with this additional
capital, CTI expects that it will need to access additional capital in 2009
|SOURCE Cell Therapeutics, Inc.|
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