Biopharmaceutical company Cell Therapeutics, Inc. (CTIC) reported Thursday a wider loss in the second quarter driven by non-cash expenses including deemed dividends on preferred stock and equity based compensation. Further, CTI said it converted debt due in 2010.
The Seattle, Washington headquartered company reported quarterly net loss attributable to common shareholders of $53.6 million or $0.08 per share, wider than $27.4 million or $0.06 per share, for the same period in 2009. Net loss attributable to CTI widened to $23.48 million from $18.02 million.
Cell Therapeutics' quarterly total revenues increased to $299 thousand from $20 thousand a year ago, driven by license and contract revenues.
During the recent second quarter, the non-cash expenses incurred by the company includes $30.2 million in deemed dividends on preferred stock and $7.6 million in equity based compensation.
Net operating expenses were $19.98 million, lower than $21.7 million for the same period in 2009. Research and development expense declined to $6.91 million from $7.32 million
As on June 30, CTI's convertible debt stood at $60.55 million, lesser than $62.14 million in 2009.
The company noted that it retired all convertible debt due in 2010 including principal and interest with a payment of $39.3 million. The group still has two convertible debt maturities pending in April and December of next year for a total of $21 million.
Among other significant business and regulatory events, CTI submitted revised and expanded Pediatric Investigation Plan or PIP for pixantrone as part of the MAA submission process. The company plans to submit an Marketing Authorization Application or MAA for pixantrone in the second half 2010.
CTI had also submitted a proposal for a new clinical trial for pixantrone in aggressivenon-Hodgkin's lymphoma under the FDA's Special Protocol Assessment process. Following the FDA's feedback on the trial design and the endpoints, CTI plans to initiate this study later in 2010.
James Bianco, CEO of CTI stated, "We continue to make progress on moving the pixantrone MAA forward in Europe with the submission of a revised and expanded Pediatric Investigation Plan as part of the application filing for an MAA in Europe."
He added, "In the U.S., we look forward to meeting with the U.S. Food and Drug Administration in August to discuss our proposed new combination trial for pixantrone in aggressive NHL."
CTIC finished Wednesday's trade at $0.413, on the Nasdaq.
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