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CTI Provides Update on New Product Acquisition Strategy and Upcoming ASCO Events
Date:5/25/2011

SEATTLE, May 26, 2011 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI") (NASDAQ: CTICD and MTA: CTIC) today announced that consistent with its previously announced pipeline strategy, CTI has identified a potential acquisition opportunity that is a phase II drug candidate being investigated in the field of cancer immunotherapy. Called antigen presenting cell or APC activators, these protein therapeutics activate macrophages and dendritic cells to present foreign antigens to T-killer cells and T-memory cells thus activating a tumor specific immune attack with potential lifelong immunity against the cancer.

"We are excited by the prospect of potentially acquiring this novel tumor specific and individualized approach for harnessing a patient's immune system to fight and potentially eradicate cancer and look forward to advancing our discussions and due diligence to a point where this product could become an addition to our diversified oncology drug pipeline," said James A Bianco, M.D., CEO of CTI.  "With the recent successful outcome of our appeal with the Office of New Drugs at the U.S. Food and Drug Administration (the "FDA"),  we have the potential for pixantrone to be approved in the U.S. solely on the basis of the existing PIX301 clinical trial results within six months of our re-submission of our New Drug Application ("NDA") for pixantrone. We believe, along with potential E.U. approval of pixantrone by year end expanding our pipeline with additional novel late stage agents like our recent in-license of tosedostat as well moving into the emerging field of cancer immunotherapy is a smart strategic directive for the continued future growth of CTI. We look forward to updating you on these and other exciting developments in the near future."

ASCO reminder

CTI will have two of its drug candidates as the subject of American Society of Clinical Oncology (ASCO) presentations which include interim data from a study with OPAXIO™ (
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SOURCE Cell Therapeutics, Inc.
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