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/C O R R E C T I O N -- Cell Therapeutics, Inc./
SEATTLE (Map) - Cell Therapeutics, Inc. Consolidated Statements of Operations (In thousands, except for per share amounts) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 Revenues: Product sales 47 - 47 - License and contract revenue 20 20 80 80 Total revenues 67 20 127 80 Operating expenses: Cost of product sold 49 - 49 - Research and development 21,651 16,623 72,019 61,994 Selling, general and administrative 10,923 8,075 35,517 35,894 Acquired in-process research and development 3,272 - 24,615 - Amortization of purchased intangibles 275 204 913 792 Total operating expenses 36,170 24,902 133,113 98,680 Loss from operations (36,103) (24,882) (132,986) (98,600) Other income (expense): Investment and other income 363 1,023 2,430 2,866 Interest expense (2,460) (2,941) (12,517) (19,829) Foreign exchange gain 1,515 880 4,657 1,877 Make-whole interest expense - - (2,310) (24,753) Gain on derivative liabilities 54 820 3,672 6,024 Gain (loss) on exchange of convertible notes (972) - (972) 7,978 Settlement expense - (10,499) (160) (11,382) Net loss before minority interest (37,603) (35,599) (138,186) (135,819) Minority interest in net loss of subsidiary 42 - 78 - Net loss (37,561) (35,599) (138,108) (135,819) Preferred stock beneficial conversion feature (1,248) - (9,549) - Preferred stock dividends (253) - (648) - Net loss attributable to common shareholders $(39,062) $(35,599) $(148,305) $(135,819) Basic and diluted net loss per common share $(0.74) $(1.00) $(3.27) $(4.84) Shares used in calculation of basic and diluted net loss per common share (1) 52,469 35,601 45,292 28,070 Balance Sheet Data: (amounts in thousands) December 31, 2007 2006 Cash and cash equivalents, securities (unaudited) available-for-sale and interest receivable $18,392 $54,407 Working capital (30,909) 30,166 Total assets 73,513 101,821 Convertible debt 137,396 166,178 Accumulated deficit (1,109,413) (961,108) Shareholders' deficit (134,125) (101,604) (1) Amounts reflect a one-for-four reverse stock split of our common stock effective April 15, 2007. ------ Cell Therapeutics, Inc. (CTI) Reports Recent Accomplishments and 2007 Fourth Quarter and Year End Financial Results Restructured majority of convertible notes due June 2008 Recent Events Announced completion of Zevalin(R) (Ibritumomab Tiuxetan) acquisition from
Biogen Idec for an upfront payment of Raised Restructured approximately 81 percent of the convertible notes due in Reduced expected net operating expenses by 35%, targeting "Now that we have made significant progress on our strategy of simplifying our capital structure, reducing operating expenses, and shifting our resources to near-term opportunities, we believe we are in a much stronger position to increase revenues, execute our late-stage clinical programs, and create value for our shareholders and patients," said James A. Bianco, M.D., President and CEO of CTI. "With our financial restructuring and strategic realignment completed, we can focus on commercializing Zevalin and developing our late- stage product pipeline." Financial Results For the quarter ended For the year ended The Company ended the year with cash and cash equivalents, securities
available-for-sale and interest receivable of approximately About Cell Therapeutics, Inc. Headquartered in 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 statements about future sales of Zevalin, reducing net operating expenses in 2008, and the development of XYOTAX, pixantrone, and brostallicin, which include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and with XYOTAX, pixantrone, and brostallicin in particular, including, without limitation, the potential failure of these product candidates to prove safe and effective for treatment of non-small cell lung cancer, ovarian cancer, non-Hodgkin's lymphoma, and sarcoma, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, producing and selling Zevalin, XYOTAX, pixantrone, and brostallicin, the Company's ability to continue to raise capital as needed to fund its operations, 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, 8-K, and 10-Q. 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. Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 Susan Callahan T: 206.272.4472 F: 206.272.4434 E: media@ctiseattle.com http://www.cticseattle.com/media.htm Investors Contact: Leah Grant T: 206.282.7100 F: 206.272.4434 E: invest@ctiseattle.com http://www.cticseattle.com/investors.htm
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