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

Quick Facts

Editors Pick
The space agencies of the United States and India have agreed to launch a satellite mission to observe Earth and establish a pathway for future joint missions to explore Mars. In a meeting Tuesday in Toronto, NASA Administrator Charles Bolden and Indian Space Research Organisation's (ISRO) chairman K. Radhakrishnan signed two documents for the joint venture. While attending the International Ast The Eurozone manufacturing moved closer to stagnation in September as German factory sector contracted for the first time in 15 months, final data from Markit Economics showed Wednesday. The manufacturing Purchasing Managers' Index fell more than intially estimated to a 14-month low of 50.3 from August's reading 50.7. The reading was below the earlier flash estimate of 50.5. Indonesia's inflation accelerated in September on food and utility costs, data from the Central Statistics Agency showed Wednesday. The trade balance swung into deficit in August as import growth exceeded the increase in exports. Inflation rose to 4.53 percent in September from 3.99 percent in...
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.