CTI BioPharma reports $19.8M loss

CTI BioPharma has reported net loss of $19.8 million for the first quarter of 2017. The loss is decrease compared to the profit of $3.3 million for the same period in 2016.

The company noted that the reason for this amount of decrease is primarily due to recognition of $32 million in milestone revenue related to pacritinib in the first quarter of 2016. Additionally, net product revenues of Pixuvri for the first quarter of 2017 decreased to $0.7 million compared to $1.2 million for the same period in 2016. The company has recently expanded partnership with Servier for commercialization of Pixuvri in the E.U.

Commenting results, Adam R. Craig, M.D., Ph.D., President and Chief Executive Officer of CTI BioPharma said:“We have made excellent progress since the start of the year on the regulatory/clinical front and operationally. We plan to submit the Marketing Authorization Application for pacritinib to treat patients with myelofibrosis to the European Medicines Agency mid-year.”

Craig added that the company is currently preparing to initiate this quarter the PAC203 dose exploration study that was requested by the FDA and would expect to have interim data by the end of 2017.

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