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Cell Therapeutics, Inc. (CTI) Reports Recent Accomplishments and Third Quarter 2007 Financial Results
Date:11/7/2007

nd positioning pixantrone for its phase III EXTEND data release by mid-2008 provides CTI with multiple shots at moving closer to our goal of breaking even," said James A. Bianco, M.D., President and CEO of CTI. "We expect exciting new randomized clinical trial data on ZEVALIN to be reported on first-line therapy in follicular NHL at upcoming clinical meetings providing the possibility of expanding its label in 2008 -- potentially making 2008 a pivotal year for CTI and its shareholders."

CTI has entered into an agreement to acquire ZEVALIN from Biogen Idec, Inc. Completion of that acquisition is subject to certain closing conditions, including obtaining third party consents. CTI expects to complete the acquisition in the fourth quarter of 2007, at which time CTI will acquire the rights to develop, market and sell ZEVALIN in the United States.

As a result of the acquisition of Systems Medicine, Inc. (SM) during the quarter, the net loss attributable to common shareholders for the quarter and the nine months ended September 30, 2007 included a non-cash acquired in-process research and development charge of $21.3 million allocated to the purchase of SM. Excluding this in-process research and development charge, operating expenses increased modestly primarily as a result of manufacturing activity in preparation for submission of a marketing application for XYOTAX(TM) (paclitaxel poliglumex, CT-2103) in Europe as well as costs related to initiating the phase III clinical trials, PGT307 and PIX303, for XYOTAX and pixantrone (BBR 2778), respectively. Including this charge, the total net loss attributable to common shareholders for the quarter totaled $52.6 million ($1.09 per share) compared to $27.8 million ($1.00 per share) for the same period in 2006. For the nine months ended September 30, 2007, CTI posted a net loss attributable to common shareholders of $109.2 million ($2.55 per share) compared to $100.2 million ($3.93 per share) for the same period in 2006
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SOURCE Cell Therapeutics, Inc.
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