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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

e same period in 2008. Research and development expenses decreased by 33% to $7.6 million compared to $11.3 million for the same period in 2008. Net loss attributable to common shareholders was $48.8 million ($0.09 per share), compared to a net loss attributable to common shareholders of $47.6 million ($2.83 per share) for the same period in 2008. The net loss for the quarter ended September 30, 2009 included the following non-cash expenses: $11.4 million in equity-based compensation expense, $6.0 million in milestone payment modification expense and $13.8 million preferred stock deemed dividend expenses. Combined, these non-cash expenses totaled $31.2 million. The modification to the milestone expense relates to the agreement to issue $6.0 million of shares of the Company's common stock to Systems Medicine, Inc. shareholders, which replaced potential milestone payments of up to $15.0 million based certain FDA milestones for the Company's product candidate brostallicin.

For the nine months ended September 30, 2009, total net operating expenses decreased approximately 29% to $55.4 million, compared to $77.5 million for the same periods in 2008. The decrease is mainly a result of a 47% decrease in research and development expenses and a $10.2 million gain on the sale of the Company's remaining interest in a 50/50-owned joint venture with Spectrum Pharmaceuticals, Inc. in 2009. Net loss attributable to shareholders decreased 45% to $89.4 million ($0.21 per share), compared to a net loss attributable to shareholders of $161.6 million ($13.68 per share) for the same period in 2008.

Conference Call Information

On Thursday, November 5, 2009, at 8:30 a.m. Eastern/2:30 p.m. Central European/5:30 a.m. Pacific, members of CTI's management team will host a quarterly conference call to discuss CTI's 2009 third quarter achievements and financial results.

    Conference Call Numbers
    Thursday, November 5, 2009
    8:30 a.m. Ea
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SOURCE Cell Therapeutics, Inc.
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