Stock Report for Cell Therapeutics Inc. (CTIC)
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    Small-Cap Stock on Watch: Cell Therapeutics Inc. (CTIC)

    Small-Cap Stock on Watch: Cell Therapeutics Inc. (CTIC)

    Cell Therapeutics fell 14.49% to close Friday at $1.18, snapping a five-day rally. Over 4.69 million shares traded hands during the session, versus the 10-day average of 1.62 million.  The stock has a 52-week range of $0.95 – $3.33.  It is currently above its 50-day moving average of $1.16 and below its 200-day moving average of $1.37.

    Shares of CTIC have gained 6.3% in the last five days and 6.3% in the last month.  Year-to-date, the stock is down 48.4%.

    The Seattle, Washington-based cancer drug developer last week announced the Food and Drug Administration has set a Prescription Drug User Fee Act (PDUFA) goal date of April 24, 2012, for a decision on its application for pixantrone.  The drug is being developed for the treatment of  relapsed or refractory aggressive non-Hodgkin’s lymphoma in patients who failed two or more lines of prior therapy.

    CTIC suffered a blow last year after health regulators declined to approve pixantrone after clinical studies failed to prove the drug’s effectivity. The Company had appealed the FDA’s Complete Response Letter for the pixantrone NDA, based on the results of the PIX301 clinical trial, and the agencys’ Office of New Drug’s responded by providing the Company with an opportunity to resubmit the NDA with additional information, but without conducting an additional clinical trial.

    CTIC also said pixantrone is under review for marketing approval in Europe.

    “We look forward to working with the FDA and the European Medicines Agency to bring this drug to patients for whom there are currently no approved therapies,” James A. Bianco M.D., CEO of CTIC, said in statement.

    Also last week, CTIC announced that final results from a study of tosedostat in elderly patients with relapsed or refractory acute myeloid leukemia was selected as on oral presentation at the 2011 American Society of Hematology annual meeting. The event is slated for December 10 to 13 in San Diego, California.   Additionally, results from the Company’s PIX203 phase II study, in which pixantrone was substituted for doxorubicin in the CPOP-R regimen compared to the standard CHOP-R regimen in front-line aggressive non-Hodgkin’s lymphoma was selected for a poster presentation.

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