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Cell Therapeutics and Spectrum Pharmaceuticals Close Transaction Forming Joint Venture to Market Zevalin in the US
Date:12/16/2008

SEATTLE, Dec. 16 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc.(CTI) (Nasdaq and MTA: CTIC) announced today they have closed the transaction with Spectrum Pharmaceuticals, Inc. to form a 50/50 owned joint venture, RIT Oncology LLC (LLC), to commercialize and develop Zevalin(R) ([90Y]-ibritumomab tiuxetan) in the United States. In connection with the closing, Cell Therapeutics received an initial payment of $7.5 million and will receive an additional $7.5 million in early January. The Company may earn an additional $15 million in product sales milestone payments upon achievement of certain revenue targets.

"RIT Oncology is the first business venture focused on the advancement of radioimmunotherapy (RIT) in the treatment of lymphoma which provides significant resources to help accomplish that mission," said James A. Bianco, M.D., CEO of Cell Therapeutics, Inc. "RIT like Zevalin has been underutilized since its introduction in 2002. With the potential for a first-line indication for consolidation of remission in patients with follicular non-Hodgkin's lymphoma, we will be uniquely positioned to maximize physician and patient access with this potentially valuable treatment option."

Zevalin, a radioimmunotherapeutic, has been exclusively marketed by CTI in the United States since December, 2007 and will now be marketed jointly by CTI and Spectrum through the LLC 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. The U.S. Food and Drug Administration (FDA) has accepted for filing and review, and has granted priority review status for, a supplemental Biologics License Application (sBLA) filed by CTI for use of Zevalin as consolidation therapy for patients with follicular B-cell non-Hodgkin's lymphoma who achieve a response to first-line therapy. A Prescription Drug User Fee Act (
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SOURCE Cell Therapeutics, Inc.
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