CTI Reports First Quarter Financial Results and Milestones
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Cell Therapeutics, Inc. has reported financial results and recent accomplishments for the first quarter of 2012.
First Quarter Financial Results
For the quarter ended March 31, 2012, total operating expenses were $18.1 million compared to $20.1 million for the same period in 2011.
Net loss attributable to common shareholders decreased 66% to $17.4 million ($0.09 per share) for the quarter ended March 31, 2012 compared to a net loss attributable to common shareholders of $51.0 million ($0.35 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 deemed dividends and total operating expenses.
CTI had approximately $27.4 million in cash and cash equivalents as of March 31, 2012.
Recent Highlights
In February 2012, the European Medicines Agency's ("EMA") Committee for Medicinal Products for Human Use ("CHMP") granted a positive opinion for conditional approval of CTI's MAA for Pixuvri as monotherapy for the treatment of adult patients with multiple relapsed or refractory aggressive B-cell non-Hodgkin's lymphoma ("NHL").
In April 2012, CTI entered into an agreement to acquire a highly selective JAK2 inhibitor, pacritinib, which is a phase 3 candidate for treating patients with myelofibrosis ("MF").
"With potential approval of our MAA for Pixuvri in the E.U. to treat adult patients with multiple relapsed or refractory aggressive B-cell non-Hodgkin lymphoma and tosedostat gearing up to initiate a pivotal phase 3 trial in relapsed or refractory acute myeloid leukemia/myelodysplastic syndromes ("MDS") later this year, the agreement to acquire pacritinib, a highly selective JAK2 inhibitor, rounds out our novel late stage oncology drug portfolio placing us in a select group of biotech companies. Our oncology drug portfolio now spans across a range of blood related cancers," stated James A. Bianco, M.D., CEO of CTI.
