This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cell Therapeutics Management Discusses Q2 2012 Results - Earnings Call Transcript

For the quarter ended June 30, the total operating expenses were $49.4 million compared to $16.9 million for the same period in 2011. The increase is predominantly due to acquired in-process R&D expense of $29.1 million related to the acquisition of pacritinib from S*Bio, in addition to some expenses related to prelaunch activities for Pixuvri.

As announced in June, we focused our research -- resources on the commercial launch of Pixuvri in EU and the advancement of pacritinib to its Phase III trials. We believe pacritinib represents a high-value product opportunity, addressing an unmet medical need in the myelofibrosis market even in the post-ruxolitinib approval here, which is clearly Phase III ready.

We've instituted a number of cost-containing initiatives, with the goal of reducing our average net operating burn from an average of over $6.5 million per month to now an average of approximately $4 million per month for the remainder of the year.

At the end of the quarter, we had approximately $14.8 million in cash prior to the receipt of $14.3 million in net proceeds received from the same institutional investor that purchased $20 million of stock and warrants in May.

So let's talk about Pixuvri. In the first quarter, we worked with PricewaterhouseCoopers EU life science partners on building the work streams a for cost-effective go-to-market strategy and launch plan for Pixuvri. In the second quarter, we began engaging our partners, including Quintiles, who will be our vendor with which we will hire our sales force. We have also in place a third-party logistics provider for product distribution, pharmacovigilance, product call center and other vendors that are required for compliance and effective launch. We are on schedule to launch in Austria and the Nordic countries starting in September, with Germany targeted to launch in November, at which time we are planning to present our value dossiers to the German health agency and begin the process that we expect will lead to the assignment of an innovation score and potential reimbursement note negotiations. Needless to say, our near-term focus is achieving our goal of developing solid reimbursement strategy for the product in the reference countries like Germany and France.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs