Cell Therapeutics, Inc. Finalizes Asset Sale and Closure of Italian Branch, Saves $20 Million in 2010 Annual Operating Expenses
SEATTLE, Sept. 28 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) announced today that it has finalized the closing its Bresso, Italy operations and will receive approximately $1.1 million from the sale of assets. CTI expects the closure to save approximately $20 million in annual operating expenses in 2010 and beyond based on current exchange rates. The Bresso facility was used for pre-clinical research and was underutilized due to CTI's focused business model preparing for commercial launch of pixantrone and other phase III development stage products.
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.CellTherapeutics.com.
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This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of the securities of CTI.. Specifically, the risks and uncertainties that could affect the development of products include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, CTI's ability to continue to raise capital as needed to fund its operation, CTI's reduction in annual operating expenses may be less than projected and the risk factors listed or described from time to time in CTI's filings with the Securities and Exchange Commission including, without limitation, CTI's most recent filings on Forms 10-K, 10-Q, and 8-K. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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