Dallas, Texas 03/10/2014 (FINANCIALSTRENDS) – Cell Therapeutics Inc(NASDAQ:CTIC) the biotechnology company with pharmacology base, best known for its commercial product- PIXUVRI, is reporting poor financial news over the past 24 hours.
Cell Therapeutics Inc(NASDAQ:CTIC) has been one of the leading organizations which have been driving higher adoption of technology for development of drugs which address the needs of cancer patients. The main focus of therapy evolution for this company has been cancer of the blood types. The company has also been working on solutions for such types where medical therapies are yet to be realized.
Cell Therapeutics Inc(NASDAQ:CTIC) financial results have been bound by the performance of its pixantrone-based drugs called PIXUVRI. The company has been working on relapsed as well as refractory user base, especially targeted for approval in the European Union. The company has also reported refractory aggressive non-HodgkinLymphoma as one of the conditions for which its solution will offer relief. The company has been in the Phase 3 trails for Pacritinib, which has been successful in the treatment of Myelofibrosis. The company has been one of the few companies which will drive higher user base, once the trials are completed.
Fourth quarter and full year results
For CTIC, 2013, has been a satisfying year. The company has since drawn up a license agreement with Baxter International. The company expects to see development as well as commercialized use of tis drugs across the markets. Secondly, its PIXUVRI will be the main product line to bring in higher revenue returns. The company reported revenue earnings of $32.9 million, when in 2012, it had no earnings for the period under comparison. The recent revenue earnings reported are largely due to the advance payments made by Baxter International towards the use of itspacritinib for commercial purposes. The payment was made in November of 2013, thereby bolstering the bottom line intensely.