Cell Therapeutics: third-quarter net loss up almost $20 million from prior-year period

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Cell Therapeutics, Inc.'s net loss for the third quarter totaled

$28.2 million, or $0.25 loss per share, up significantly from a net loss of $8.5 million, or $0.13 loss per share, for the same quarter in 2005.

Research and development expenses for the third quarter rose to $14.8 million, from $13.3 million for the third-quarter 2005.

Cell Therapeutics ended the quarter with $68.1 million in cash and cash equivalents, securities available for sale and interest receivable.

For the nine months ended Sept. 30, Cell Therapeutics had a net loss of $102.4 million, or $1.00 loss per share, compared to a net loss of $83.8 million, or $1.32 loss per share, for the prior-year period.

"We have continued to streamline our operating expenses and focus our resources on those nearest term product opportunities with the highest probability for success," president and chief executive officer James A. Bianco said in a news release.

"Ending the quarter with $68 million coupled with the additional $15 million investment from Novartis, we have strengthened our balance sheet as well."

Recent company highlights include raising net proceeds of approximately $34.9 million through the sale of common stock and announcing interim results of the Extend phase 3 clinical trial of pixantrone for relapsed non-Hodgkin's lymphoma.

Cell Therapeutics is a Seattle-based biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.