Facing the need to raise new operating capital, Seattle-based Cell Therapeutics has hired on a financial adviser to counsel the company on its strategic alternatives. The developer is staying mum on exactly which alternatives will be examined, but a spokesperson told the Seattle Times that its resources will be focused on pixantrone, an experimental therapy for non-Hodgkin's lymphoma.
Cell Therapeutics registered a fourth-quarter gain of $9.4 million on the sale of a 50 percent interest in Zevalin, its only marketed product. Its remaining stake in Zevalin was sold for $16.5 million in the first quarter.
The developer reported losing $41.3 million in the fourth quarter of last year, somewhat higher than the $39.1 million it lost for the same period in 2007.
- read the report in the Seattle Times