Cell Therapeutics' (CTIC Quote) shares gained 7% after the cancer-drug developer said its second-quarter loss narrowed.
The Seattle-based company lost $21 million, or 20 cents a share, compared with a year-ago loss of $36.2 million, or 57 cents a share. Analysts were expecting a loss of 25 cents a share. The company didn't record any product sales in the quarter, compared with $7.4 million a year ago. Revenue from licensing and contracts fell to $20,000 from $96,000 a year ago.
Preliminary clinical-trial results from 40 patients with non-Hodgkin's lymphoma also boosted Cell Therapeutics shares Tuesday. A phase III trial on its drug pixantrone produced "encouraging" results that support the continuation and expansion of the trial, the company said in a press release. Phase III is the stage of trials conducted just before a drug is submitted to the Food and Drug Administration for marketing approval. Shares were up 9 cents to $1.33. ...
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