Cell Therapeutics, Inc. Completes Acquisition of SMi
SEATTLE, July 31, 2007 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) today confirmed that it has completed the acquisition of Systems Medicine, Inc. (SMi), a privately held oncology company, in a stock for stock merger valued at $20 million. SMi stockholders could also receive a maximum of $15 million in additional consideration upon the achievement of certain regulatory milestones. The acquisition of SMi provides CTI with worldwide rights to Brostallicin, a DNA minor groove binding agent with proven anti-tumor activity. SMi will continue to operate as a wholly-owned subsidiary of CTI.
SMi applies a systems biology approach to drug development, combining pharmacogenomics and bioinformatics with experienced preclinical, clinical, and regulatory expertise to find and exploit a specific cancer's 'context-of-vulnerability.' Specifically, SMi defines the molecular and genetic alterations (context) that cause cancer cells to be particularly sensitive (vulnerable) to a drug or combination of drugs-the 'context-of- vulnerability.'
Brostallicin, which was initially developed by Nerviano Medical Sciences, the largest pharmaceutical research and development facility in Italy, is a synthetic second-generation DNA minor groove binder with potent cancer killing activity in experimental tumors models. More than 200 patients have been treated with Brostallicin in single-agent and combination studies, and it is now in a first-line phase II study that is currently being conducted by the European Organization for Research and Treatment of Cancer (EORTC).
Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit http://www.cticseattle.com .
Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 Susan Callahan T: 206.272.4472 F: 206.272.4434 E: http://www.cticseattle.com/media.htm Investors Contact: Leah Grant T: 206.282.7100 F: 206.272.4434 E: http://email@example.com firstname.lastname@example.org
CONTACT: media, Dan Eramian, +1-206-272-4343, cell, +1-206-854-1200, orSusan Callahan, +1-206-272-4472, fax, +1-206-272-4434,, or investors, Leah Grant, +1-206-282-7100, fax,+1-206-272-4434, , all of Cell Therapeutics, Inc. email@example.com firstname.lastname@example.org
Web site: http://www.cticseattle.com/
Ticker Symbol: (NASDAQ-NMS:CTIC)
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Posted: August 2007
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