The Burrill Report submits:
Cell Therapeutics (CTIC) got a momentary reprieve from potentially bad news Friday as the US Food and Drug Administration postponed a meeting about pixantrone, an experimental treatment for refractory aggressive non-Hodgkin’s lymphoma, due to blustery weather. It’s the company’s best hope at generating any substantial revenue and an important bet to win for Cell Therapeutics and, among others, the two institutional investors that put a fresh $30 million into the company in January.
Doubt about the drug’s approval was cast by an FDA brief questioning pixantrone’s efficacy February 8. That sparked investors to drive Cell Therapeutics’ shares off a cliff, denting their value by 40 percent, briefly. It also called into question the likelihood of Novartis (NVS) acting on its option to license the drug, an event that could deliver as much as $104 million in registration and sales milestones should it pan out.
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