Cell Therapeutics cancer news

CTIC reduced its workforce to 100 from 147 in an effort to reduce its annual burn rate by $16 million, reflecting CTIC's discontinuation of lisofylline following disappointing Phase III results of the compound in preventing infections in acute myeloid leukemia patients (see BioCentury, Oct. 18). CTIC, which raised $10 million in a private financing last week, lost $9.9 million ($0.64) in the third quarter ended Sept. 30, when it had $22.2 million in cash. ...