Biotech
Cell Therapeutics Sells Rest of Zevalin Stake
The sale of Zevalin will cut Cell Therapeutics' expenses by $15 million a year, the company said Friday, but it is still burning $13.5 million a quarter, according to a recent SEC filing.
The top five executives at Cell Therapeutics were rewarded with 2008 bonuses totaling more than $1 million. CEO Jim Bianco received a bonus of $487,500 on top of his $650,000 annual salary, plus other perks. Cell Therapeutics' stock fell more than 99% last year. Earlier this month, the stock was halted for four trading days. The stock closed Friday at 5 cents. With Zevalin gone, Cell Therapeutics retains ownership of pixantrone, a chemotherapy drug which the company is expected to file for approval later this year.TheStreet Premium Services
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