Cell Therapeutics Receives $7.5 Million Under Joint Venture Agreement With Spectrum Pharm...( SEATTLE Jan. 8 /- Cell Therapeutics I...),Health

SEATTLE, Jan. 8 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that they received $7.5 million pursuant to the joint venture transaction with Spectrum Pharmaceuticals, Inc. to commercialize and develop Zevalin(R) in the United States. In December, the Company received the initial $7.5 million payment in connection with the closing of such transaction. The Company may earn up to an additional $15 million in product sales milestone payments upon achievement of certain revenue targets.

Zevalin, a radioimmunotherapeutic, was exclusively marketed by CTI in the United States since December, 2007 and is now marketed jointly by CTI and Spectrum through RIT Oncology, LLC ("RIT") for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin's lymphoma (NHL), including patients who have rituximab-refractory follicular NHL. CTI holds a sale option exercisable from January 15, 2009 through July 15, 2009 in its sole discretion to sell its 50% membership interest in RIT to Spectrum for $18 million. The FDA has accepted for filing and review, and has granted priority review status for a supplemental Biologics License Application (sBLA) for use of Zevalin as consolidation therapy in patients with follicular B-cell non-Hodgkin's lymphoma who achieve a response to first-line therapy and expects a decision regarding the sBLA in early April, 2009.

About Zevalin(R)

Zevalin(R) (Ibritumomab Tiuxetan) is a form of cancer therapy called radioimmunotherapy and is indicated as part of the Zevalin therapeutic regimen for treatment of relapsed or refractory, lowgrade or follicular B-cell non-Hodgkin's lymphoma, including patients with rituximab refractory follicular NHL. Zevalin is also indicated, under accelerated approval, for the treatment of relapsed or refractory, rituximab-naive, low-grade and follicular NHL based on studies using a sur
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