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Biotech / Medical : Cell Therapeutics (CTIC)

CTIC 9.090

0.0%

Jun 26 5:00 PM EST

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From: Icebrg	6/19/2008 2:07:03 AM
	of 946

CTI hopes to expand market for Zevalin Hoping to expand the market for its Zevalin cancer treatment, Cell Therapeutics said today it had reached an agreement with Bayer Schering to access data showing that Zevalin increased survival in patients when used as a first-line consolidation treatment in patients with follicular lymphoma, a type of non-Hodgkin lymphoma. Picture Cell Therapeutics said it would use the data to ask the Food and Drug Administration to approve the use of Zevalin as a first-line consolidation treatment in patients with the disease. Currently, Zevalin -- which Cell Therapeutics purchased from Bayer Schering late last year -- is approved for other non-Hodgkin lymphoma indications. During a conference call, Cell Therapeutics CEO James Bianco said Cell Therapeutics would pay $2 million upfront to access the data and make an "additional payment similar in size" when the FDA approves Zevalin's use for the additional indication. He also said Cell Therapeutics would pay Bayer Schering royalties beginning next year. "This was obviously a very favorable agreement given the minimal impact this will have on our short-term cash flow requirements and the prospects to make Zevalin available to 36,000 patients who receive front-line treatment for follicular lymphoma each year in the United States," Bianco said. Bianco said that Zevalin sales were still on track to hit $15 million this year. But he also said that if the indication for Zevalin could expand, "sales could more than double from where they are this year." blog.seattlepi.nwsource.com

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