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Cell Therapeutics, Inc. (CTI) Cuts Net Operating Expenses 35% and Expands Commercial Team to Support Zevalin(R) Sales and Applications Seeking Two Product Approvals in 2009
Date:1/30/2008


2008 Projected Financial Highlights and Potential Milestones include:

- Grow Zevalin sales

- XYOTAX(TM) Marketing Authorization Application submission in Q1

- Pixantrone phase III results and New Drug Application submission

- Brostallicin phase II interim results

SEATTLE, Jan. 30 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTAX: CTIC) announced today that with the return of CTI to a commercial operating company through its acquisition of Zevalin(R) (Ibritumomab Tiuxetan), the company will focus its resources on increasing the sales of Zevalin in the United States and preparing the marketing applications for XYOTAX (paclitaxel poliglumex, CT-2103) and pixantrone (BBR 2778), while supporting the advancement of brostallicin to a phase III trial. The move will reduce the Company's projected net cash operating expenses to a forecasted $77 million in 2008. The primary reduction in operating expenses stems from deferring or curtailing some phase III clinical trials for pixantrone and XYOTAX until planned regulatory filings and the completion of phase III studies result in product approvals. CTI expects to file for approval of XYOTAX in Europe in March. The Company will expand its commercial infrastructure for Zevalin and possible future drug sales while achieving an overall reduction in headcount.

"We believe the best way to maximize shareholder value now is to focus our resources on our marketed and late-stage products," noted James A. Bianco, M.D., President and CEO of CTI.

"Recently published data describing the clinical benefit of Zevalin are compelling and support the potential to expand its application into first-line treatment of follicular non-Hodgkin's lymphoma, leading us to expand our commercial operations staffing from 11 percent to 21 percent of our total headcount with corresponding reductions elsewhere. We will continue to support our two lead drug candidates, XYOTAX
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SOURCE Cell Therapeutics, Inc.
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