Cell Therapeutics Reports First Quarter 2013 Financial Results

SEATTLE, May 2, 2013 /PRNewswire/ -- Cell Therapeutics, Inc.(CTI) (NASDAQ and MTA: CTIC) today reported financial results for the first quarter ended March 31, 2013.

"In the first quarter, we generated initial commercial sales of PIXUVRI in countries in the European Union where there is market access pending the completion of the reimbursement process," said James Bianco, M.D., President and CEO of CTI. "Although it is early in the launch, we are pleased with the interest and receptivity of PIXUVRI by key lymphoma opinion leaders who treat patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (NHL) and who recognize the significant unmet need that exists for these patients. In addition, our Phase 3 PERSIST-1 clinical trial of pacritinib, an oral, once-daily JAK2/FLT3 inhibitor, in myelofibrosis continues to progress with the opening of additional sites and growing enrollment."

First Quarter and Recent Highlights

European Union (E.U.) Commercial

Research and Development

Corporate

First Quarter 2013 Financial Results

Total revenues for the first quarter of 2013 were $1.1 million. The revenues were solely attributable to net product sales of PIXUVRI. CTI sells PIXUVRI directly to health care providers and through a limited number of wholesale distributors in the E.U.CTI records product sales upon receipt of the product by the health care provider or distributor. Product sales are recorded net of estimated distributor discounts, government-mandated discounts and rebates, and estimated product returns.

Total operating expenses for the first quarter of 2013 were $19.6 million, compared to $18.1 million for the same period in 2012. Total operating expenses included$2.4 millionand$2.0 millionof non-cash stock-based compensation expense in the first quarters of 2013 and 2012, respectively. The net loss for the first quarter of 2013 was $19.4 million, or ($0.18) per share, compared to a net loss of $17.4 million, or ($0.43) per share, for the same period in 2012.

As of March 31, 2013, CTI's cash and cash equivalents totaled $44.3 million.

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Cell Therapeutics Reports First Quarter 2013 Financial Results