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Biotech / Medical : Cell Therapeutics (CTIC)

CTIC 9.090

0.0%

Jun 26 5:00 PM EST

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To: Icebrg who wrote (187)	2/20/2004 12:01:27 PM
From: Icebrg	Read Replies (3) of 946

Cell Therapeutics sued by Munich-based Micromet WILMINGTON, Del. — Cell Therapeutics, a Seattle-based maker of cancer-fighting drugs, has been sued by its former technology partner, Micromet, which seeks at least $13 million in payments as part of a research agreement. Cell Therapeutics last month purchased Italy's Novuspharma, which had a 2002 agreement with Munich-based Micromet to develop the antibody MT201 to fight tumors. Cell Therapeutics has stopped making payments to Micromet, according to a lawsuit filed Feb. 10 in federal court in Seattle. By breaching its obligations, Cell Therapeutics has forced closely held Micromet "to substantially restructure its operations and discharge 45 of its 135 employees," the suit says. A $13 million payment would represent more than 50 percent of Cell Therapeutics' $24.7 million in 2003 sales. Cell Therapeutics spokeswoman Candice Douglass said the company "believes that Novuspharma lived up to terms of the agreement, and based on our attorneys' review, we don't think Micromet's allegations have merit." seattletimes.nwsource.com

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