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Cell Therapeutics, Inc. (CTI) Reduces Net Loss for Third Quarter and Nine Months Ended September 30, 2012 Compared to Same Periods in 2011
Date:10/31/2012

SEATTLE, Nov. 1, 2012 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (NASDAQ and MTA: CTIC) today reported financial results for the third quarter of 2012 and recent accomplishments.

Financial ResultsThird Quarter Results

For the quarter ended September 30, 2012, total operating expenses were $14.7 million compared to $15.3 million for the same period in 2011. Net loss attributable to common shareholders was $20.2 million ($0.38 per share) for the quarter ended September 30, 2012 compared to a net loss attributable to common shareholders of $29.7 million ($0.80 per share) for the same period in 2011. The decrease in net loss attributable to CTI's common shareholders is primarily due to a decrease in non-cash deemed dividends on preferred stock issuances. The decline in dividends and deemed dividends on preferred stock between the comparable periods is attributable to the total dollar amounts of the equity offerings completed.

Nine-Month Results

For the nine months ended September 30, 2012, total operating expenses were $82.2 million compared to $52.3 million for the same period in 2011. Most of the increase in operating expenses is primarily related to the $29.1 million acquired in-process research and development expense related to the acquisition of pacritinib from S*BIO Pte Ltd. in 2012.  Net loss attributable to common shareholders was $96.2 million ($2.12 per share) for the nine months ended September 30, 2012 compared to a net loss attributable to common shareholders of $103.2 million ($3.11 per share) for the same period in 2011. The decrease in net loss attributable to CTI's common shareholders is primarily due to a decrease in non-cash deemed dividends on preferred stock issuances. The decline in dividends and deemed dividends on preferred stock between the comparable periods is attrib
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SOURCE Cell Therapeutics, Inc.
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