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Cell Therapeutics, Inc. (CTI) Reports Fourth Quarter and Year-End Financial Results and Milestones
Date:3/6/2012

SEATTLE, March 7, 2012 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (NASDAQ and MTA: CTIC) today reported financial results and recent accomplishments for the fourth quarter and year ended December 31, 2011.

Fourth Quarter and Year End ResultsFor the quarter ended December 31, 2011, total net operating expenses were $9.9 million compared to $16.3 million for the same period in 2010. Net loss attributable to common shareholders was $17.9 million ($0.09 per share) for the quarter ended December 31, 2011 compared to a net loss attributable to common shareholders of $34.1 million ($0.27 per share) for the same period in 2010. The decrease in net loss attributable to our common shareholders is mainly due to a $11.0 million gain related to a litigation settlement and decrease in non-cash deemed dividends on preferred stock issuances in the quarter ended December 31, 2011.

For the year ended December 31, 2011, total net operating expenses declined to $62.2 million, which included an upfront payment of $5.0 million related to the licensing of tosedostat from Chroma Therapeutics Ltd., compared to $75.1 million for the same period in 2010.  Net loss attributable to common shareholders was $121.1 million ($0.71 per share), compared to a net loss attributable to common shareholders of $147.6 million ($1.29 per share) for the same period in 2010. For the year ended December 31, 2011, the decrease in net loss attributable to common shareholders is mainly due to a decrease in selling, general and administrative expenses, a $11.0 million gain related to a litigation settlement and decrease in non-cash deemed dividends on preferred stock issuances.  

CTI had approximately $47.1 million in cash and cash equivalents as of December 31, 2011.

Recent HighlightsIn February 2012, the European Medicines Agency's ("EMA") Committee for Human Medicinal Products ("CHMP") granted a positive opinion for condition
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SOURCE Cell Therapeutics, Inc.
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