Cell Therapeutics spins off new protein tech company

Cell Therapeutics is spinning off its protein technology into a new company that it eventually would like to see go public. Aequus BioPharma will take the company's intellectual property that extends the life of proteins without the chemical alteration that's needed now. Dropping that step will cut their cost and add to the value of the product. Former Immunex executives in Seattle are being recruited for the new company, which will start out with about $1.5 million to $2 million in seed funding.

- read the Seattle Post-Intelligencer report