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Cell Therapeutics Decreases Net Loss for Nine Month Period in 2009 Compared to Same Period in 2008 by 45%
Date:11/5/2009

SEATTLE, Nov. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) today reported recent achievements and financial results for the third quarter and nine months ended September 30, 2009, which included a 45% decrease in the net loss attributable to common shareholders for the nine month period in 2009 compared to the same period in 2008. The Company had approximately $55.0 million in cash and cash equivalents as of September 30, 2009.

"While we have started to prepare for the launch of pixantrone in 2010 with the recruitment of key commercial personnel and conducting important market research, we remained focused on tight fiscal controls while continuing to clean-up our balance sheet," said James A. Bianco, M.D., CEO of the Company. "We are pleased with our continued financial progress demonstrating a decrease in net loss of 45% for the nine months in 2009 compared to the same period for 2008," noted Dr. Bianco. "With the recent developments and progress we are making in advancing pixantrone through its New Drug Application (NDA) review process we expect the next 3 to 6 months to be an exciting and transformative period for the Company."

Recent Highlights

  • FDA accepted and filed for review the Company's NDA for pixantrone as treatment for relapsed or refractory aggressive non-Hodgkin's lymphoma (NHL).
  • The Company initiated the process of obtaining marketing approval in Europe in July 2009, for the treatment of relapsed or refractory aggressive NHL.
  • Further reduced debt through the exchange of $4.5 million principal in debt for common stock resulting in a total of $57.4 million principal reduction in debt through exchanges so far in 2009.
  • Added to the NASDAQ OMX Global Biotechnology Index (Nasdaq: QGBI).

For the quarter ended September 30, 2009, total net operating expenses were approximately $27.1 million, compared to $20.5 million for th
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SOURCE Cell Therapeutics, Inc.
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