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Cell Therapeutics Cuts 28 Percent Of Staff

Cell Therapeutics Cuts 28 Percent Of Staff [Seattle Times]

From Seattle Times (WA) (April 16, 2010)

Apr. 15--Cell Therapeutics laid off 36 employees to conserve cash after its only drug with completed clinical trials was turned down for approval by the Food and Drug Administration.

The Seattle biotechnology company said Thursday the cuts should pare its operating expenses for the year by 21 percent, reducing its burn rate to about $4.4 million a month beginning this quarter. The company expects severance-related expenses of $350,000 to $400,000.

Cell Therapeutics ended 2009 with 107 employees. Spokesman Dan Eramian said it subsequently grew to 127, mostly by adding employees for commercializing pixantrone, the drug that the FDA rejected earlier this month.

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Posted: April 2010