Cell Therapeutics Reports Fourth Quarter and Full Year 2012 Financial Results

SEATTLE, Feb. 28, 2013 /PRNewswire/ -- Cell Therapeutics, Inc.(CTI) (NASDAQ and MTA: CTIC) today reported financial results for the fourth quarter and full year ended December 31, 2012.

"During the fourth quarter 2012, we began making PIXUVRI available to healthcare providers in the European Union and initiated commercial operations on a country-by-country basis," said James Bianco, M.D., President and CEO of CTI. "PIXUVRI is now available in eight countries in the E.U., and we are engaged in activities to increase awareness in the physician community of PIXUVRI's benefits for patients with multiply relapsed or refractory aggressive non-Hodgkin lymphoma. Separately, we have recently begun enrollment in the Phase 3 PERSIST-1 clinical trial of pacritinib for the treatment of patients with myelofibrosis. We believe that pacritinib, an oral, once-daily JAK2/FLT3 inhibitor, may offer patients an effective therapy with a safety profile that could allow for longer-term management of their disease. For 2013, we are focused on increasing use and adoption of PIXUVRI, while obtaining favorable reimbursement in major markets in the E.U.; building value through development of our late-stage product pipeline, with emphasis on pacritinib; and securing non-equity based operating capital through strategic partnerships, while managing our expenses."

2012 and Recent Key Highlights

European Union (E.U.) Commercial

Research and Development

Corporate

Fourth Quarter and Full Year 2012 Financial Results

Total net operating expenses for 2012 were $101.5 million, which includes $29.1 millionfor acquired in-process research and development expense related to the acquisition of pacritinib from S*BIO Pte Ltd.in 2012. As of December 31, 2012, CTI's cash and cash equivalents totaled $50.4 million.

For the year ended December 31, 2012, CTI reported a net loss of $115.3 million, or ($1.98) per share, compared to a net loss of $121.1 million, or ($3.53) per share, for the year ended December 31, 2011. The decrease in net loss for the year ended December 31, 2012 was primarily due to a decrease in non-cash deemed dividends on preferred stock issuances. Net loss for the fourth quarter ended December 31, 2012 was $19.0 million or ($0.20) per share, compared to a net loss of $17.9 million, or ($0.47) per share, for the same period in 2011.

Financial Guidance for 2013

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Cell Therapeutics Reports Fourth Quarter and Full Year 2012 Financial Results