Seattle, Washington-based Cell Therapeutics Inc. (NASDAQ: CTIC) is engaged in the development, acquisition and commercialization of treatments for cancer. The company is focusing on building a diversified portfolio of oncology drugs. The company is looking to identify and develop less toxic ways to treat cancer.
Last month, Cell Therapeutics announced the receipt of a notice from the European Medicines Agency (EMEA), which validates the expansion of Pediatric Investigation Plan (PIP) filed by the company in July for pixantrone for treatment of relapsed or refractory, aggressive non-Hodgkin’s lymphoma (NHL).The EMEA Pediatric Committee is reviewing the plan and will comment or approve the plan in due course. Once the plan is given an approval, the company will submit the Marketing Authorization Application (MAA) for pixantrone in the European Union (EU) later this year.
Also last month, Cell Therapeutics announced the filing of a Special Protocol Assessment (SPA) with the U.S. FDA for the design of phase III trial for pixantrone. The company is making decent progress on pixantrone launch in the U.S. and the EU.
The company announced its second-quarter financial results on August 5, reporting net operating expenses of $20 million for the second quarter of 2010, compared with $21.7 million it reported for the same period in 2009. The company’s second-quarter net loss came in at $53.6 million, or $0.08 per share, compared with $27.4 million or $0.06 per share reported for the same period in 2009.
Cell Therapeutics ended the second quarter of 2010 with $64.5 million. Since then, the company repaid $39.3 million worth of its convertible debt due in 2010. However, the company still has sufficient cash on its balance sheet to support the launch of pixantrone.
The Cell Therapeutics stock has a 52-week range of $0.12-$1.57. Since the announcement of the second-quarter financial results, the penny stock is down 7.02%. Year-to-date, the stock is down 66.32%.
The penny stock is currently trading below its 50-day and 200-day moving averages, which is a bearish signal. The stock has a support level at $0.36 and a resistance level at $0.38.
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