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CTI Focuses on Late-Stage Drug Approvals and Commercialization and Cuts Operating Costs: to Close Bresso Research Center
Date:2/27/2009

SEATTLE, Feb. 27 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that it has started a collective dismissal procedure pursuant to Law 223/1991 concerning its Bresso, Italy, (CTE) employees. The collective dismissal will involve a total of 62 employees. Within 75 days of the consultation procedure, the company, in cooperation with the Trade Unions, will review solutions that may reduce the social impact of the decision.

CTI is moving from a preclinical research organization to a commercial enterprise, and is now focusing on bringing its two late-stage drug candidates OPAXIO and pixantrone to market as quickly as possible.

The global credit crisis has forced the company to drastically lower its operating expenses. Closing the Bresso operation will save $14 million in annual operating costs. Throughout 2008, CTI cut $44 million in operating costs, including employee layoffs at its U.S operations.

CTI has been searching for alternative strategies for keeping the workforce and mission at CTE operating since it has shifted its business strategy. At this point, the utilization rate of the Bresso operation's preclinical capabilities is extremely low, and the only alternative is to move forward with the closure of the center.

Despite current economic conditions, CTI continues to attempt to keep intact the mission and workforce of the Bresso branch. The company has recently engaged a management consulting firm, Adjuvant Global Advisors, to assist in developing strategic options for partnership, asset divestment, or joint venture opportunities for the branch. These, along with internal company efforts, are a priority and have been taken in order to identify any opportunities. Adjuvant is actively seeking partnerships with global small molecule drug development firms and CROs who could leverage the unique qualifications of the Bresso team and their e
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SOURCE Cell Therapeutics, Inc.
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