Cell Therapeutics Inc. (CTIC) Enters Long-Term Manufacturing Agreement for Pixantrone

Posted by on Jul 15, 2010 | 1 comment

Cell Therapeutics Inc. (NASDAQ: CTIC) recently announced that it entered into a manufacturing agreement with NerPharMa, a pharma manufacturing company, for pixantrone. The five-yea contact between Cell Therapeutics and NerPharMa presents for both clinical and commercial supply of pixantrone.

Cell Therapeutics is under development as a treatment option for patients with relapsed or refractory aggressive non-Hodgkin’s lymphoma (NHL). The company is in the process of submitting a Marketing Authorization Application (MAA) in the EU. It is also planning the initiation of a phase 3 trial of pixantrone in patients with relapsed or refractory aggressive NHL in the U.S.

Last month, Cell Therapeutics reported that the Italian Medicines Agency (AIFA), gave an approval to NerPharMa’s facility for the production of pixantrone.

Craig W. Philips, president of Cell Therapeutics, said that the company is pleased to have reached an agreement with NePharMa for the long-term manufacturing of pixantrone. Philips said that by entering into the agreement, the company has moved a step closer to fulfilling its mission of being able to provide pixantrone to patients with relapsed or refractory aggressive NHL.

Shares of Cell Therapeutics are down in today’s trading. The penny stock touched a low of $0.42 today. At last check, it was down 2.79% to $0.428, with volume at 2.85 million. The penny stock has a 52-week range of $0.12-$1.83. It is currently trading above its 50-day and below its 200-day moving average. The penny stock has seen support at $0.41 and has met with resistance at $0.47.

Seattle, Washington-based Cell Therapeutics is focused on building a portfolio of oncology drugs.

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While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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