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Cell Therapeutics, Inc. Reports First Quarter Accomplishments and Financial Results
Date:4/26/2011

tment of relapsed/refractory diffuse large B-cell lymphoma ("DLBCL").  The trial, referred to as the PIX-R or PIX 306 trial, will compare a combination of pixantrone plus rituximab to a combination of gemcitabine plus rituximab in patients with relapsed or refractory DLBCL who have received one to three prior lines of therapy.
  • Met with officials of the FDA's OND and presented arguments supporting CTI's belief that the data contained in its NDA 22-481 supports the conclusion that pixantrone is effective for its planned use. CTI expects a decision on its appeal during the second quarter of 2011.
  • Received the day 120 list of questions from the EMA relating to our MAA for pixantrone in Europe.

  • For the quarter ended March 31, 2011, total operating expenses decreased to $20.1 million compared to $25.8 million for the same period in 2010.  Research and development expenses increased to $11.5 million in the quarter ended March 31, 2011 compared to $7.4 million for the same period in 2010 due to a one-time upfront payment of $5.0 million related to the licensing of tosedostat from Chroma in 2011. Selling, general and administrative expenses decreased to $8.6 million in the quarter ended March 31, 2011 compared to $18.4 million for the same period in 2010 primarily related to a decrease in non-cash equity based compensation. Net loss attributable to common shareholders was $51.0 million ($0.06 per share) for the quarter ended March 31, 2011 compared to a net loss attributable to common shareholders of $44.2 million ($0.07 per share) for the same period in 2010. The increase in net loss attributable to common shareholders is mainly due to an increase in non-cash deemed dividends on preferred stock related to financing activities.

    CTI had approximately $43.8 million in cash and cash equivalents as of March 31, 2011.Conference Call InformationOn Wednesday, April 27, 2011, at 8:30 a.m. Eastern/2:30 p.m. Central European/5:30 a.m.
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    SOURCE Cell Therapeutics, Inc.
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