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Zevalin Revenues Lead Cell Therapeutics, Inc.'s First Quarter 2008 Financial Results

le notes, and warrants. The Company also expects to receive an additional $5 million in gross proceeds from an additional sale of securities to the purchaser of the Series E preferred stock and 13.5% convertible senior notes prior to July 4, 2008, provided adequate shares are available for issuance of such securities at that time.

"In the second quarter we expect to see the positive financial impact of our strategy to focus resources on our late-stage development products and growing Zevalin sales. With our commercial team now in place to support Zevalin, we expect revenues to continue to increase over the next few quarters," said James A. Bianco, M.D., President and CEO of CTI. "In addition, over the last two quarters, we have been successful in cleaning up our balance sheet, retiring or exchanging approximately 74 percent of current debt and preferred securities. With the majority of the investments in OPAXIO and pixantrone behind us we look forward to the review of the MAA for OPAXIO and to final results of the pixantrone pivotal trial."

Recent Highlights

o Announced that the Company selected and received a positive opinion

from the European Medicines Agency (EMEA) on the new brand name

OPAXIO(TM) (paclitaxel poliglumex), which replaces the name XYOTAX(TM)

o Announced that the EMEA accepted for review CTI's Marketing

Authorization Application (MAA) for OPAXIO for first-line treatment of

patients with non-small cell lung cancer (NSCLC) with ECOG (Eastern

Cooperative Oncology Group) performance status 2 (PS2)

o Announced completion of enrollment in the phase III EXTEND (PIX301)

clinical trial of pixantrone (BBR 2778) for patients with relapsed

diffuse large B-cell non-Hodgkin's lymphoma (NHL)

o Announced the appointment of Craig W. Philips, most recently Vice

President and General Manager of Bayer Healthcare Oncology, as

president of

SOURCE Cell Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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