Cell Therapeutics, Inc. Reports 85% Increase in Net Product Sales Of TRISENOX(TM) for First Quarter

Company Increases Guidance for 2001 Sales



Apr 26, 2001, 01:00 ET from Cell Therapeutics, Inc.

    SEATTLE, April 26 /PRNewswire/ --
 Cell Therapeutics, Inc. (cti) (Nasdaq:   CTIC) reported net product revenues for
 TRISENOX (arsenic trioxide) injection grew 85% over the prior quarter to
 $929,280 for the three months ended March 31, 2001. The Company reported a net
 loss for the quarter of $(11.7 Million) or $(.35) per share in 2001 compared
 with a net loss of $(11.2 Million) or $(0.58) per share for the same period in
 2000. Net loss per share came in $.10 better than consensus estimates.
     "TRISENOX sales growth was strong in the first quarter and we anticipate
 continued quarterly growth. We are raising our guidance on 2001 sales from the
 current consensus of $9.8 million to $11.0 million," stated James A. Bianco,
 M.D., President and CEO of cti. "We are delivering on our commitment to invest
 in the TRISENOX product by expanding our field force and by initiating
 multiple clinical trials investigating TRISENOX in other blood related cancers
 such as myeloma and myelodysplasia. By mid-year, our sales force will be more
 than 30 people strong."
    Year-to-date Highlights for the Company include:
 
     -- Initiation of clinical trials of TRISENOX in multiple myeloma,
        myelodysplastic syndromes, and first-line treatment of acute
        promyelocytic leukemia
     -- Validation of the Marketing Authorization Application for TRISENOX in
        relapsed/refractory APL and orphan medicinal product designation in
        multiple myeloma and myelodysplastic syndromes by the European Agency
        for the Evaluation of Medicinal Products
     -- Advanced PG-TXL(TM) to Phase II development at multiple sites in the
        United States
     -- Demonstrated better efficacy of PG-TXL compared to Taxol(R) in colon
        cancer preclinical models
 
     As of March 31, 2001, cti had cash, cash equivalents, securities
 available-for-sale and interest receivable totaling approximately
 $144.9 Million compared to $156.4 Million as of December 31, 2000.
     cti is committed to developing an integrated portfolio of oncology
 products aimed at making cancer more treatable.
     This announcement 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 that could affect the development of cti's products under
 development include risks associated with preclinical and clinical
 developments in the biopharmaceutical industry in general and of cti's
 products under development in particular including, without limitation, the
 potential failure of all compounds to prove safe and effective for treatment
 of disease, determinations by regulatory, patent and administrative
 governmental authorities, competitive factors, technological developments,
 costs of developing, producing and selling cti's products under development,
 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 registrations on Forms 10-K, 8-K, S-3
 and 10-Q.
 
 
                              Cell Therapeutics, Inc.
                       Consolidated Statements of Operations
                                    (Unaudited)
 
                                                       Three Months Ended
                                                             March 31,
                                                      2001             2000
     Revenues:
              Product sales                        $929,280               $--
     Operating expenses:
              Cost of product sold                   50,772                --
              Research and development            6,931,408         7,070,932
              General and administrative          3,890,271         1,932,932
              Sales and marketing                 1,556,864                --
              Amortization of purchased
               intangibles                        2,347,375         2,351,105
                                                 14,776,690        11,354,969
     Loss from operations:*                     (13,847,410)      (11,354,969)
     Other income (expense):
              Investment income                   2,342,285           481,728
              Interest expense                      (75,237)         (195,838)
     Net loss                                   (11,580,362)      (11,069,079)
 
     Preferred stock dividend                      (125,000)         (126,389)
 
     Net loss applicable to common shareholders (11,705,362)      (11,195,468)
 
     Basic and diluted net loss per
      common share                                   $(0.35)           $(0.58)
 
     Shares used in calculation of basic
      and diluted net loss per common share      33,673,092        19,439,774
 
     * Includes $423,000 in noncash, stock-based compensation for the quarter
       ended March 31, 2001, compared to $534,000 in noncash, stock-based
       compensation for the same period in 2000.
 
     Balance Sheet Data:                            (dollars in thousands)
 
                                                   March 31,       December 31,
                                                     2001              2000
                                                  (unaudited)
 
     Cash, cash equivalents, securities
      available - for-sale and interest receivable $144,850          $156,433
     Working capital                                137,157           146,384
     Total assets                                   176,427           190,111
     Accumulated deficit                           (221,859)         (210,279)
     Shareholders' equity                           166,937           177,943
 
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SOURCE Cell Therapeutics, Inc.
    SEATTLE, April 26 /PRNewswire/ --
 Cell Therapeutics, Inc. (cti) (Nasdaq:   CTIC) reported net product revenues for
 TRISENOX (arsenic trioxide) injection grew 85% over the prior quarter to
 $929,280 for the three months ended March 31, 2001. The Company reported a net
 loss for the quarter of $(11.7 Million) or $(.35) per share in 2001 compared
 with a net loss of $(11.2 Million) or $(0.58) per share for the same period in
 2000. Net loss per share came in $.10 better than consensus estimates.
     "TRISENOX sales growth was strong in the first quarter and we anticipate
 continued quarterly growth. We are raising our guidance on 2001 sales from the
 current consensus of $9.8 million to $11.0 million," stated James A. Bianco,
 M.D., President and CEO of cti. "We are delivering on our commitment to invest
 in the TRISENOX product by expanding our field force and by initiating
 multiple clinical trials investigating TRISENOX in other blood related cancers
 such as myeloma and myelodysplasia. By mid-year, our sales force will be more
 than 30 people strong."
    Year-to-date Highlights for the Company include:
 
     -- Initiation of clinical trials of TRISENOX in multiple myeloma,
        myelodysplastic syndromes, and first-line treatment of acute
        promyelocytic leukemia
     -- Validation of the Marketing Authorization Application for TRISENOX in
        relapsed/refractory APL and orphan medicinal product designation in
        multiple myeloma and myelodysplastic syndromes by the European Agency
        for the Evaluation of Medicinal Products
     -- Advanced PG-TXL(TM) to Phase II development at multiple sites in the
        United States
     -- Demonstrated better efficacy of PG-TXL compared to Taxol(R) in colon
        cancer preclinical models
 
     As of March 31, 2001, cti had cash, cash equivalents, securities
 available-for-sale and interest receivable totaling approximately
 $144.9 Million compared to $156.4 Million as of December 31, 2000.
     cti is committed to developing an integrated portfolio of oncology
 products aimed at making cancer more treatable.
     This announcement 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 that could affect the development of cti's products under
 development include risks associated with preclinical and clinical
 developments in the biopharmaceutical industry in general and of cti's
 products under development in particular including, without limitation, the
 potential failure of all compounds to prove safe and effective for treatment
 of disease, determinations by regulatory, patent and administrative
 governmental authorities, competitive factors, technological developments,
 costs of developing, producing and selling cti's products under development,
 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 registrations on Forms 10-K, 8-K, S-3
 and 10-Q.
 
 
                              Cell Therapeutics, Inc.
                       Consolidated Statements of Operations
                                    (Unaudited)
 
                                                       Three Months Ended
                                                             March 31,
                                                      2001             2000
     Revenues:
              Product sales                        $929,280               $--
     Operating expenses:
              Cost of product sold                   50,772                --
              Research and development            6,931,408         7,070,932
              General and administrative          3,890,271         1,932,932
              Sales and marketing                 1,556,864                --
              Amortization of purchased
               intangibles                        2,347,375         2,351,105
                                                 14,776,690        11,354,969
     Loss from operations:*                     (13,847,410)      (11,354,969)
     Other income (expense):
              Investment income                   2,342,285           481,728
              Interest expense                      (75,237)         (195,838)
     Net loss                                   (11,580,362)      (11,069,079)
 
     Preferred stock dividend                      (125,000)         (126,389)
 
     Net loss applicable to common shareholders (11,705,362)      (11,195,468)
 
     Basic and diluted net loss per
      common share                                   $(0.35)           $(0.58)
 
     Shares used in calculation of basic
      and diluted net loss per common share      33,673,092        19,439,774
 
     * Includes $423,000 in noncash, stock-based compensation for the quarter
       ended March 31, 2001, compared to $534,000 in noncash, stock-based
       compensation for the same period in 2000.
 
     Balance Sheet Data:                            (dollars in thousands)
 
                                                   March 31,       December 31,
                                                     2001              2000
                                                  (unaudited)
 
     Cash, cash equivalents, securities
      available - for-sale and interest receivable $144,850          $156,433
     Working capital                                137,157           146,384
     Total assets                                   176,427           190,111
     Accumulated deficit                           (221,859)         (210,279)
     Shareholders' equity                           166,937           177,943
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X17416742
 
 SOURCE  Cell Therapeutics, Inc.