Navigation Links
Cell Therapeutics Exercises Its Option to Sell Interest in Zevalin Joint Venture to Spectrum Pharmaceuticals for $18 Million
Date:2/20/2009

CTI to focus on Pixantrone and OPAXIO Approval and Commercialization

SEATTLE, Feb. 20 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that it exercised its option to sell its 50% ownership interest in the Zevalin joint venture to Spectrum Pharmaceuticals, Inc. (Spectrum) for $18 million. CTI and Spectrum established a joint venture in December 2008 to develop and commercialize Zevalin. At that time CTI contributed all of the Zevalin related assets to the joint venture and sold to Spectrum a 50% membership interest in the joint venture for $15 million, plus certain milestone payments.

The Company will focus its resources on the approval of pixantrone for relapsed aggressive non-Hodgkin's lymphoma (NHL) and OPAXIO for non-small cell lung and ovarian cancer. CTI estimates that as a result of the sale of the Zevalin interest it will reduce expenses by approximately $15 million annually from activities previously associated with Zevalin while providing CTI with non-dilutive source of operating capital.

"CTI continues to believe in the value of Zevalin as a commercially attractive product and effective form of cancer therapy; however, with the impressive clinical trial results for pixantrone and given the company's need for operating capital, we are compelled to exercise our option and focus our resources on pixantrone," noted James Bianco, MD, CEO of CTI. "CTI has been proud to have provided Zevalin to patients since we acquired it in December, 2007 and having the foresight to bring the first line consolidation for indolent NHL data to the FDA for potential label expansion in the front line consolidation setting. With the progress we made in removing many of the barriers that prevent its more widespread use, we are confident Spectrum will be able to ultimately make Zevalin a commercially attractive product."

At the closing of the sale of CTI's 50% m
'/>"/>

SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3 4

Related biology technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. DJO Incorporateds Pending Merger With ReAble Therapeutics Clears U.S. Antitrust Review
3. PeriCor Therapeutics Announces Closing of Licensing Agreement for Acadesine with Schering-Plough Corporation
4. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
5. Amsterdam Molecular Therapeutics to Release H1 2007 Results on August 29, 2007
6. Nektar Therapeutics Appoints Tim Harkness as Chief Financial Officer
7. ExonHit Therapeutics: Allergan and ExonHits First Collaboration Compound to Begin Human Clinical Trials
8. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
9. Amsterdam Molecular Therapeutics Reports Half Year Results 2007
10. Nektar Therapeutics Appoints Lutz Lingnau as New Board Member
11. Anesiva Grants Specific-Use License of Its Needle-Free Drug Delivery Technology to Particle Therapeutics for Diabetes Drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/1/2015)...   Decision Resources Group finds that ... are its oral administration, alternative mechanism of action, ... rheumatologists. Otezla was the first oral therapy specifically ... psoriatic arthritis in the United States ... conventional oral treatments including disease-modifying antirheumatic drugs (DMARDs), ...
(Date:7/1/2015)... 1, 2015   Neuraltus Pharmaceuticals, Inc. , a ... groundbreaking drugs to treat neurodegenerative diseases such as ... Robert G. Miller , M.D., Director of the Forbes ... Pacific Medical Center in San Francisco, has been awarded ... million to help fund a Phase 2 clinical ...
(Date:7/1/2015)... ... 2015 , ... A newly launched business plan contest will ask startup companies ... in life sciences R&D. The Pistoia Alliance President’s Startup Challenge 2015 will see small ... period of expert mentorship from a senior industry figure drawn from the Pistoia Alliance ...
(Date:7/1/2015)... ... 2015 , ... NEMA 4 (IP66) Medical Joysticks can be ... have an impermeable molecular barrier protection against bio-hazardous agents. Original Equipment Manufacturers ... healthcare worker safety and reduce financial costs. , CTI Electronics announces a new ...
Breaking Biology Technology:Surveyed Rheumatologists Report That Otezla's Oral Administration is its Single Greatest Advantage Over Currently Available Treatment Options 2Surveyed Rheumatologists Report That Otezla's Oral Administration is its Single Greatest Advantage Over Currently Available Treatment Options 3Investigator to Receive $1.5 Million Grant from the ALS Association to Help Fund Confirmatory Phase 2 Study of Neuraltus Pharmaceuticals' NP001 2Investigator to Receive $1.5 Million Grant from the ALS Association to Help Fund Confirmatory Phase 2 Study of Neuraltus Pharmaceuticals' NP001 3Investigator to Receive $1.5 Million Grant from the ALS Association to Help Fund Confirmatory Phase 2 Study of Neuraltus Pharmaceuticals' NP001 4Pistoia Alliance Launches Startup Challenge 2Pistoia Alliance Launches Startup Challenge 3Sanitized Medical Joysticks for a Safer and Healthier Work Environment 2
... CALGARY, Nov. 29 /PRNewswire-FirstCall/ - Oncolytics Biotech ... Coffey, Chief,Scientific Officer of Oncolytics, is scheduled ... 2007 entitled "Large Scale Production Process for,the ... Informa Life,Sciences, 3rd Annual Vaccine Production Conference ...
... properties of a commonly used blue dye could revolutionise ... Advanced Materials. , Scientists have demonstrated that they can ... Phthalocyanine, or MPc, with the use of magnetism. ... researchers claim that the ability to control the magnetic ...
... Calif., Nov. 28 Bionovo, Inc.,(Nasdaq: BNVI ), a ... in the areas of women,s health and cancer, is scheduled ... Conference., The presentation by Tom Chesterman, SVP and CFO ... at 1:30 p.m. local time at the,Millennium Broadway Hotel in ...
Cached Biology Technology:Oncolytics Biotech Inc. to Present at Annual Vaccine Production Conference 2Blue dye could hold the key to super processing power 2Blue dye could hold the key to super processing power 3
(Date:6/18/2015)... Conn. , June 18, 2015 NXT-ID, Inc. ... authentication company focused on the growing mobile commerce market announces ... a featured segment on "Money on the Mark", scheduled to ... City June 20 th . ... will be from 7:00 to 8:00pm EST. NXT-ID, Inc.,s CEO ...
(Date:6/17/2015)... 17, 2015  Crossmatch™, a leading provider of ... U.are.U ® 4500 fingerprint readers have been ... Inc., a San Jose, CA ... security, improve accountability and reduce fraud at the ... identity confirmation for employee sign in and transaction ...
(Date:6/16/2015)... Sweden , June 16, 2015 ... from previously communicated that it will amount to at least ... MSEK. Due to the rapid increase in market growth and ... the previously communicated guidance that revenue for 2015 will exceed ... will amount to approximately 2,200 MSEK. Due to ...
Breaking Biology News(10 mins):NXT-ID, Inc.'s CEO Gino Pereira Talks About the Wocket Smart Wallet on WABC Radio, New York City, June 20th 2NXT-ID, Inc.'s CEO Gino Pereira Talks About the Wocket Smart Wallet on WABC Radio, New York City, June 20th 3Togo's Eateries Improve Security and Accountability with Crossmatch Fingerprint Readers 2Togo's Eateries Improve Security and Accountability with Crossmatch Fingerprint Readers 3Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 2Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 3
... at St. Jude Children,s Research Hospital have identified inherited variations ... acute lymphoblastic leukemia (ALL), including a gene that may help ... complete search of the human genetic blueprint or genome to ... childhood cancer. Published in the August 16 advance online issue ...
... at the Keck School of Medicine of the University ... mechanism that may govern an individual,s risk of developing ... Public Library of Science (PLoS) Genetics journal, ... no genes are present (gene ,deserts,) at a chromosomal ...
... at WPTRC is as diverse as the agencies that fund ... and studying the ecosystems of the island and the region. ... urging his,faculty to find new sources of external funds, and ... funding agencies that are now supporting the WPTRC and its ...
Cached Biology News:Inherited risk factors increase odds of developing childhood acute lymphoblastic leukemia 2Inherited risk factors increase odds of developing childhood acute lymphoblastic leukemia 3UOG scientists successfully compete for research grants 2
IMAGEQUANT 100 IQTL, 1 EA. Category: ImageQuant CCD Imagers....
ImageQuant 100 UV, 1 EA. Category: ImageQuant CCD Imagers....
The FlowTACS Apoptosis Detection Kit is designed specifically for in situdetection of apoptotic...
...
Biology Products: