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

PDUFA) target date of April 2, 2009 has been established by the FDA for a decision regarding the Zevalin sBLA.

CTI and Spectrum are the sole members of the LLC whose sole purpose is to commercialize Zevalin in the United States. The LLC is governed by a Board of Managers comprised of an equal number of members from both companies. Both parties will equally provide for the future capital requirements of the LLC and share equally in the profits and losses of the LLC.

Cell Therapeutics acquired the U.S. rights to develop, market and sell Zevalin from Biogen Idec Inc. (Biogen) in December 2007. As a condition to obtaining the consent of Biogen to convey the Zevalin-related assets to the LLC, among other things, CTI and Biogen have restructured certain milestone payments under the Asset Purchase Agreement dated August 15, 2007 between CTI and Biogen, which milestone payments are the responsibility of the LLC. As part of the milestone restructuring, the LLC has paid to Biogen $2 million and, upon receiving approval from the FDA to expand the labeling for Zevalin with respect to an indolent non-Hodgkin's lymphoma indication prior to 2011, the LLC will pay to Biogen a reduced milestone payment. In connection with the closing, CTI has made a $1.6 million capital contribution to the LLC.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive strategic advisor in connection with the transaction.

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, low-grade or follicular B-cell non-Hodgkin's lymphoma, including patients with rituximab refractory follicular NHL. Zevalin i
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SOURCE Cell Therapeutics, Inc.
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