Cell Therapeutics, Inc. Cuts 36 Employees to Conserve Cash

COMTEX -- Biopharmaceutical company Cell Therapeutics Inc has reduced its workforce by 36 jobs, the company said on Thursday.

This reduction, together with the elimination of a previously planned increase in commercial personnel and a reduction in planned operating expenses, is expected to result in savings of approximately USD16m in 2010.

The company's total projected operating expenses, excluding equity based compensation, are anticipated to be approximately USD60m in 2010. This represents a decrease of 21% from previous estimates.

CTI said that, as a result of reducing these expenses, the company is targeting an average net operating burn rate of approximately USD4.4m per month starting in the second quarter of 2010.

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