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Cell Therapeutics Reports Second Quarter 2013 Financial Results
Date:7/31/2013

et of estimated distributor discounts, government-mandated discounts and rebates, and estimated product returns.  Any future revenues are dependent on market acceptance of PIXUVRI, the reimbursement decisions made by governmental authorities in each country where PIXUVRI is available for sale and other factors. 

Loss from operations for the second quarter of 2013 was $17.9 million, compared to $49.4 million for the same period in 2012.  For the first six months of 2013, loss from operations was $36.3 million compared to $67.5 million for the same period in 2012. The amount recorded for the three and six months ended June 30, 2012 included a $29.1 million expense for acquired in-process research and development related to the acquisition of pacritinib from S*BIO Pte Ltd.  Non-cash, share-based compensation expense for the second quarter and first six months of 2013 was $2.0 million and $4.4 million, respectively, compared to $3.1 million and $5.1 million for the same periods in 2012.

The net loss for the second quarter of 2013 was $18.0 million, or ($0.17) per share, compared to $58.6 million, or ($1.38) per share, for the same period in 2012. For the first six months of 2013, net loss was $37.4 million, or ($0.35) per share, compared to $76.0 million, or ($1.83), per share for the same period in 2012.

As of June 30, 2013, CTI's cash and cash equivalents totaled $28.6 million.

Financial Guidance for 2013CTI reaffirms prior financial guidance that, for 2013, loss from operations excluding non-cash, share-based compensation expense, which is a non-GAAP measure, is expected to be approximately $60 to $65 million.  Year-to-date for the six month period ended June 30, 2013, loss from operations, excluding non-cash share-based compensation expense, which is a non-GAAP measure, was $31.9 million.  For more information regarding CTI's use of these non-GAAP measures and a reconciliation of non-GAAP los
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SOURCE Cell Therapeutics, Inc.
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