Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Cell Therapeutics To Buy World-wide Rights To S*BIO's Pacritinib - Quick Facts

RELATED NEWS
Trade CTIC now with 

Cell Therapeutics, Inc.(CTIC: Quote) said it entered into an asset purchase agreement with S*BIO Pte Ltd. pursuant to which Cell Therapeutics would acquire world-wide rights to S*BIO's pacritinib, a highly selective JAK2 inhibitor.

Pacritinib is an oral Janus Associated Kinase 2, or JAK2, selective inhibitor that has demonstrated encouraging clinical benefit in phase 1 and 2 clinical studies in patients with primary myelofibrosis, or MF or MF secondary to other myeloproliferative neoplasms. Pacritinib has orphan drug designation in the U.S. and Europe for myelofibrosis.

Pursuant to the terms of the agreement, Cell Therapeutics will make an upfront payment of $15 million and issue $15 million shares of unregistered preferred stock convertible into common stock in Cell Therapeutics. The agreement also includes regulatory success- and sales-based milestone payments, as well as single digit royalties on net sales. Cell Therapeutics will be solely responsible for development and commercialization activities of pacritinib worldwide.

"JAK2 dysregulation is associated with a broad range of difficult-to-treat illnesses, including cancers and autoimmune diseases, and is one of the most exciting potential new targets in cancer therapy today," said James Bianco, CEO of Cell Therapeutics, Inc.

"We believe a highly selective JAK2 inhibitor that also inhibits the JAK2 clonal mutation (JAK2V617F) offers a distinct biological and clinical advantage over marketed or development stage compounds which are non-selective inhibitors of the JAK pathway. We believe that the lack of suppression of red blood cell and platelet formation seen with pacritinib has the potential to satisfy a medical need not currently addressed with existing non-selective JAK1/JAK2 inhibitors."

Register
To receive FREE breaking news email alerts for CTI BioPharma Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.