Cell Therapeutics Has to Sprint to Reach Target

Cell Therapeutics(CTIC Quote) CEO Jim Bianco reiterated last week that his company is "positioned" to break even financially in the fourth quarter, although results from the past two months show the company has fallen behind its own forecasts.

The Seattle-based drugmaker's July investor update, titled "Charting the path to profitability," highlights recent cost-cutting efforts. Cell Therapeutics has reduced operating expenses by 72%, raised new cash through the sale of stock and a cancer drug to Spectrum Pharmaceuticals and retired about 40% of its long-term debt.

The company is now "positioned to break even in Q4 2009," and could achieve profitability in 2010, according to a new slide presentation intended to highlight the company's achievements to investors. ...