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CTI BioPharma Announces 50% Reduction In Workforce

CTI BioPharma Corp. (CTIC) announced a restructuring plan to improve efficiencies and reduce costs within the organization. As part of this plan, workforce reductions have been implemented that impact about 50 percent of the total number of the Company's employees.

The company noted that cost savings of about $20 million primarily associated with reduced employee costs are expected over three years.

The company noted that it plans to provide financial guidance in the first half of 2019 when details of the U.S. Phase 3 trial design, including trial size and dosing schedule, have been determined.

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