MILAN, Italy, Dec. 1 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTAX: CTIC) provided a progress report on its development programs and business objectives at its annual shareholder meeting, held in Milan on November 30, 2006.
"While breakthrough advances are being made with targeted therapies, these often come at a high price. We believe that chemotherapy will continue to be a mainstay in the treatment of cancer and CTI's pipeline is focused on reducing side effects and their related health care costs while improving efficacy of the four most widely used classes of chemotherapeutic agents. Our strategy for developing safer, more cost effective treatments for cancer is consistent with increased concerns over rising healthcare costs," stated James A. Bianco, M.D., President and CEO of CTI. "This year CTI has become a 'new' company: focused on advancing our lead products, XYOTAX(TM) and pixantrone, assuring their commercial success through our partnership with Novartis, strengthening our balance sheet, and increasing our visibility among our key audiences."
Highlights
-- Announced an exclusive worldwide licensing agreement with Novartis for
up to $405 million for XYOTAX and pixantrone, including a $15 million
equity investment in CTI
-- Strengthened balance sheet by raising $85 million in gross proceeds,
establishing a euro 60 million equity facility with Societe Generale,
and converting, exchanging, or repurchasing $170 million of existing
debt since November 2005
-- Provided updates on the XYOTAX development program
- 200 patients have been enrolled on its phase III lung cancer clinical
trial in women (PIONEER)
- Plans to submit a new phase III protocol (PGT306) for lung cancer
that focuses on women with normal estrogen levels
- Working toward submission of marketing application (MAA) for XYOTAX
in Europe in 2007
-- Provided updates on the pixantrone development program
- Presentations of clinical data expected at upcoming American Society
of Hematology meeting (ASH)
- Plans to conduct interim analysis on phase III clinical trial in non-
Hodgkin's lymphoma (EXTEND) in 2007
-- Updated progress on genetic polymer technology for producing
potentially lower cost "biosimilars"
CTI Adjourns Annual Shareholder Meeting
CTI held the rescheduled annual shareholder meeting in Milan in an effort to increase Italian shareholder participation. While CTI had unprecedented participation at the meeting from Italian shareholders, it adjourned the meeting because a quorum of the common shares was not represented. Under Washington state law and the Company's bylaws, a quorum consisting of a majority of the shares entitled to vote at the meeting must be represented in person or by proxy in order to transact business at the meeting.
In the absence of a quorum, no action can be taken on the proposals presented in the proxy statement. Therefore, the proposals were tabled and the annual meeting of shareholders was adjourned to give additional time for shareholders to return their proxies. Pursuant to Washington state law, valid proxies submitted by Company shareholders in connection with the meeting will continue to be valid for 120 days, and Dr. Bianco encouraged Italian shareholders to continue to vote their shares as soon as possible by mail, fax, or on the web at proxyvote.com. CTI may explore legal and other options to address the quorum requirements.
Additional Information
The Company's definitive proxy statement with respect to the Annual Meeting of Shareholders scheduled to be held November 30, 2006 was mailed to shareholders on or about October 26, 2006 and was filed with the U.S. Securities and Exchange Commission at that time. SHAREHOLDERS OF CELL THERAPEUTICS, INC. ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ALL ADDITIONAL MATERIALS THAT THE COMPANY FILES WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION RELATING TO THE MEETING. The proxy statement is available free of charge at http://www.sec.gov/. In addition, investors and security holders may obtain free copies of the definitive proxy statement and other documents filed with the SEC on our web site: http://www.cticseattle.com/ or by contacting CTI Investor Relations at the address and telephone number below.
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 http://www.cticseattle.com/.
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. Specifically, the risks and uncertainties include the risk that CTI will be unable to reschedule the annual meeting or unable to get a quorum at the rescheduled meeting of shareholders and the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K/A, 8-K, and 10-Q. Except as may be required by Italian law, CTI is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
