SEATTLE, July 24, 2013 /PRNewswire/ -- Cell Therapeutics, Inc. (CTI) (NASDAQ and MTA: CTIC) today announced that Daniel D. Von Hoff, M.D., F.A.C.P, a leading medical oncologist who has been the lead investigator in the development of important oncology therapeutics, will serve as Chairman of CTI's Scientific Advisory Board. The purpose of the Scientific Advisory Board will be to assist management in the strategic development of its oncology portfolio and clinical trial design; work with business development on in-licensing and out-licensing opportunities, and assist in the use of translational and personalized approaches to therapeutic targets.
Dr. Von Hoff is currently Physician in Chief and Director of Translational Research at the Translational Genomics Research Institute (TGen), Chief Scientific Officer for US Oncology and for Scottsdale Healthcare's Clinical Research Institute. Dr. Von Hoff's major interest is in the development of new anticancer agents, both in the clinic and in the laboratory. An internationally recognized innovator in the development of targeted therapies, he and his colleagues were involved in the development of many approved therapeutic agents that are now used routinely, including paclitaxel, docetaxel, mitoxantrone, fludarabine, clofarabine, alemtuzumab, irinotecan, nelarabine, capecitabine, and vismodegib. Dr. Von Hoff's laboratory interests and contributions have been in the area of using translational and genomic approaches to individualize therapy for cancer. His laboratory is now concentrating on discovering new targets in pancreatic cancer.
"I am pleased to help build and lead CTI's Scientific Advisory Board, as I am very impressed with the diversity of the CTI portfolio of product candidates and their potential as targeted therapies for patients with unmet needs," said Dr. Von Hoff. "In particular, early indications suggest that CTI's lead pipeline candidate, pacritinib, has promise to be an active JAK2/FLT3 inhibitor for myelofibrosis and other hematology / oncology indications. The Company's vision to discover new treatments that specifically target the underlying disease leading to safer, more effective drugs to treat patients with cancer is spot on. I look forward to contributing to the exciting ongoing work at CTI now and in the future."
Dr. Von Hoff is a past president of the American Association for Cancer Research, a fellow of the American College of Physicians, and a member and past board member of the American Society of Clinical Oncology. He also is the 2010 recipient of the David Karnofsky award from the American Society of Clinical Oncology. In addition to being a mentor and teacher for medical students, oncology fellows, graduate students and post-doctoral fellows, Dr. Von Hoff has published 137 book chapters, more than 625 manuscripts and 1,060 abstracts. He is the founder and editor emeritus of Investigational New Drugs – The Journal of New Anticancer Agents, as well as founding editor-in-chief of Molecular Cancer Therapeutics."Dr. Von Hoff is world-renowned for his work in the discovery and development of novel, targeted anti-cancer agents and CTI will benefit significantly from his knowledge and experience," stated James A. Bianco, M.D., President and CEO of CTI. "We are honored to have an individual of his caliber providing strategic advice and leading the formation of our Scientific Advisory Board." About Cell Therapeutics, Inc. Cell Therapeutics (NASDAQ and MTA: CTIC) is a biopharmaceutical company committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable. CTI is headquartered in Seattle, WA. For additional information and to sign up for email alerts and get RSS feeds, please visit www.CellTherapeutics.com. Safe Harbor Statement This press release includes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of CTI's securities. Such statements include, but are not limited to, statements regarding expectations with respect to the development of the Company and its product and product candidate portfolio, including the belief that pacritinib has promise to be an active JAK2/FLT3 inhibitor for myelofibrosis and other hematology / oncology indications. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with the biopharmaceutical industry in general and with CTI and its product and product candidate portfolio in particular including, among others, risks associated with the following: that CTI cannot predict or guarantee the pace or geography of enrollment of its clinical trials, that CTI cannot predict or guarantee the outcome of preclinical and clinical studies, that CTI may not obtain reimbursement for PIXUVRI in certain markets in the European Union as planned, that the conditional marketing authorization for PIXUVRI may not be renewed, that the second Phase 3 clinical trial of pacritinib will not occur as planned, that CTI may not obtain favorable determinations by other regulatory, patent and administrative governmental authorities, that CTI may experience delays in the commencement of preclinical and clinical studies, risks related to the costs of developing, producing and selling PIXUVRI, pacritinib, and CTI's other product candidates, and other risks, including, without limitation, competitive factors, technological developments, costs of developing, producing and selling PIXUVRI, that CTI's operating expenses continue to exceed its net revenues, that CTI may not be able to sustain its current cost controls or further reduce its operating expenses, that CTI's average net operating burn rate may increase, that CTI will continue to need to raise capital to fund its operating expenses, but may not be able to raise sufficient amounts to fund its continued operation, as well as other risks listed or described from time to time in CTI's most recent filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.
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