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news.Cell Therapeutics, a biopharmaceutical company, has received $6.5 million from Spectrum Pharmaceuticals, a biopharmaceutical company, in connection with the sale of its 50% interest in the Zevalin joint venture to Spectrum for approximately $16.5 million that closed in March 2009.
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Cell Therapeutics (CTI) previously received approximately $6.5 million on March 2, 2009, related to this transaction, and the remaining $3.5 million, subject to adjustments for expenses and revenues, among other things, is to be received on April 15, 2009.
CTI sold an initial 50% interest in Zevalin to Spectrum in connection with the establishment of a 50/50 owned joint venture with Spectrum for approximately $15 million in December 2008, bringing total gross funds that will be received from Spectrum for 100% interest in Zevalin to approximately $31.5 million. CTI originally purchased Zevalin from Biogen Idec in December 2007 for $10 million.
James Bianco, CEO of Cell Therapeutics, said: “In this difficult capital market we are pleased to have access to this non-dilutive operating capital as we advance our products through the regulatory process to approval and commercialization. We will continue to seek product partnerships and other sources of financing to fund our ongoing operations that in addition to our efforts reducing in expenses will ultimately drive shareholder value.”