Cell Therapeutics cancer news

Cell Therapeutics reduced headcount by 36 (29%) to 88 to conserve cash and focus on the development of pixantrone, with the cuts mostly coming from sales and marketing. Cell Therapeutics expects the cuts, along with an elimination of a planned increase in commercial personnel and a reduction in planned operating expenses to result in a savings of about $16 million this year. The company also said projected operating expenses for 2010 will be reduced by 21% to $60 million, with an average net operating burn rate of about $4.4 million per month starting in 2Q10. ...