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CTI BioPharma Corp. (CTIC) is a commercial biopharmaceutical company headquartered in Seattle, USA. Established with a mission to develop and market innovative, low-toxicity therapies for cancer treatment, CTI BioPharma stands out for its dedication to both scientific advancement and patient care. The company's collaborative culture and novel approach to business set it apart in the biopharmaceutical industry.
CTI's flagship product, VONJO® (pacritinib), is a targeted therapy approved by the FDA. It acts as a JAK2, ACVR1, and IRAK1 inhibitor, but notably spares JAK1, making it a unique treatment option in the field of blood-related cancers. This product highlights the company's commitment to developing effective treatments with fewer side effects.
In 2022, CTI BioPharma reported revenues of USD 53.9 million, underscoring its growing influence in the biopharmaceutical market. The company employs approximately 144 people, all dedicated to pushing the limits of cancer therapy.
CTI BioPharma has recently been acquired by Swedish Orphan Biovitrum AB (Sobi), a renowned biopharmaceutical company specializing in rare and debilitating diseases. The acquisition was completed on June 26, 2023, with Sobi purchasing all outstanding shares of CTI at USD 9.10 per share. This strategic move is expected to enhance Sobi's portfolio and market presence, while CTI BioPharma will benefit from Sobi's extensive resources and expertise.
The merger signifies a new chapter for CTI BioPharma, as it becomes an indirect wholly owned subsidiary of Sobi. This alliance aims to bolster the development of groundbreaking therapies, ensuring better outcomes for patients worldwide.
For more information, visit CTI BioPharma's official website.
On March 20, 2023, CTI BioPharma Corp. (Nasdaq: CTIC) announced the granting of equity inducement awards to four new employees as part of its recruitment strategy. These awards outside of the company's Amended and Restated 2017 Equity Incentive Plan comprise options to purchase 124,000 shares of common stock. The options will have an exercise price based on the closing price on each grant date, vesting one-fourth annually contingent on continued employment. CTI BioPharma focuses on targeted therapies for blood-related cancers and has one FDA-approved product, VONJO® (pacritinib), currently undergoing a Phase 3 confirmatory study.
On March 6, 2023, CTI BioPharma Corp. (Nasdaq: CTIC) announced that its Compensation Committee granted equity inducement awards to five new employees, totaling options for 148,000 shares of common stock. These awards, approved under Nasdaq Listing Rule 5635(c)(4), are critical for the employees' acceptance of employment. The stock options will have an exercise price equal to the closing price on the Grant Date and will vest over four years, contingent on the employees' continued employment. CTI BioPharma focuses on developing therapies for blood-related cancers, including the FDA-approved product VONJO, aimed at treating myelofibrosis.
CTI BioPharma Corp. reported robust performance for VONJO® (pacritinib), achieving $54 million in net product revenue for 2022, including $21.1 million in Q4, reflecting a 16% quarterly increase. The company treated over 1,000 patients and secured over 90% insurance coverage. Significant milestones include FDA approval and inclusion in NCCN guidelines as a first and second-line treatment for myelofibrosis. The operating loss decreased to $13.6 million in Q4 2022, while net loss reached $17.5 million. Cash reserves stood at $79.9 million at year-end, improving from $65.4 million in 2021. Management plans to focus on expanding the VONJO market presence in 2023.
CTI BioPharma Corp. (Nasdaq: CTIC) will present a corporate overview at the 43rd Annual Cowen Health Care Conference on March 8, 2023, at 10:30 a.m. ET. The presentation will cover the company's focus on developing targeted therapies for blood-related cancers, highlighted by their FDA-approved product, VONJO® (pacritinib), which treats myelofibrosis in patients with severe thrombocytopenia. Investors can access the live and archived webcast on the CTI BioPharma website under the Investors & Media section.
CTI BioPharma Corp. (Nasdaq: CTIC) will announce its fourth quarter and full-year 2022 financial results on March 6, 2023 after market close. Following the announcement, management will host a webcast and conference call at 4:30 p.m. ET to discuss the results and provide updates about the company. CTI is focused on developing targeted therapies for blood-related cancers and has one FDA-approved product, VONJO® (pacritinib), which is targeted for patients with myelofibrosis. Continued approval for VONJO is contingent on confirming clinical benefits in ongoing trials.
CTI BioPharma Corp. (NASDAQ: CTIC) announced on February 7, 2023, the granting of equity inducement awards to three new employees. These awards, totaling options for 102,000 shares of common stock, are aimed at encouraging employee acceptance. The options will have an exercise price based on the closing price on their respective Grant Dates and will vest over four years, contingent on continued employment. This move complies with Nasdaq Listing Rule 5635(c)(4) and reflects CTI BioPharma's focus on retaining talent as it advances its pipeline, including the ongoing PACIFICA study for its FDA-approved product VONJO.
CTI BioPharma Corp. (Nasdaq: CTIC) will engage in a Fireside Chat at two prominent investor conferences in February 2023. The first is the Guggenheim Partners 5th Annual Oncology Conference on February 8, 2023, at 10:45 a.m. ET in New York, NY. The second is the SVB Securities Global Biopharma Conference on February 15, 2023, at 3:40 p.m. ET, conducted virtually. Both events will be live-streamed and available for replay on CTI BioPharma's website. The company specializes in targeted therapies for blood-related cancers and has one FDA-approved product, VONJO™, for treating myelofibrosis in certain patient populations.
CTI BioPharma Corp. (NASDAQ: CTIC) announced on January 24, 2023, that its Compensation Committee has granted an equity inducement award to a new employee, which consists of options to purchase 22,000 shares of common stock. These options will have an exercise price equal to the stock's closing price on the grant date, January 23, 2023. One-fourth of the options will vest annually, contingent on continued employment. This award was made under Nasdaq Listing Rule 5635(c)(4). CTI BioPharma focuses on targeted therapies for blood-related cancers, with VONJO® as its approved product for myelofibrosis, pending confirmatory trials.
CTI BioPharma Corp. (NASDAQ: CTIC) will present a corporate overview at the 41st Annual J.P. Morgan Healthcare Conference in San Francisco on January 12, 2023, at 7:30 a.m. PT (10:30 a.m. ET). The presentation will be available for live webcast and replay on CTI's website. The company specializes in targeted therapies for blood-related cancers, with an FDA-approved product, VONJO®, for treating myelofibrosis in certain patients. Continued approval may depend on clinical benefit verification through ongoing studies.
CTI BioPharma Corp. (NASDAQ: CTIC) announced on December 20, 2022, that its Compensation Committee approved equity inducement awards for three new employees. These awards consist of options to purchase a total of 33,000 shares of common stock, with the exercise price equal to the stock's closing price on each Grant Date. The options will vest annually over four years, contingent on continued employment. This decision complies with Nasdaq Listing Rule 5635(c)(4) and aims to enhance employee retention and incentivize performance.
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