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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.
CTI BioPharma Corp. reported net product revenue of $12.3 million for VONJO in Q2 2022, up from $0 in Q2 2021. The company experienced an operating loss of $18.9 million, compared to $19.5 million the previous year. Total net loss was $22.7 million or $0.21 per share, remaining consistent with last year. Cash and equivalents available totaled $95.9 million, expected to sustain operations for at least one year. VONJO is now recognized as a recommended treatment by the NCCN for myelofibrosis, aiming to become a market leader in the sector.
CTI BioPharma (NASDAQ: CTIC) announced it will report its second quarter 2022 financial results on August 8, 2022, after market close. A conference call and webcast will follow at 4:30 p.m. ET for a corporate update. Additionally, the company will participate in key biotechnology conferences, including the BTIG Biotechnology Conference on August 9 and the Stifel Biotech Summer Summit on August 16.
CTI BioPharma focuses on developing therapies for blood-related cancers and has an FDA-approved product, VONJO, for treating myelofibrosis.
CTI BioPharma Corp. (NASDAQ: CTIC) announced that its Compensation Committee granted an equity inducement award to a new employee consisting of options to purchase 40,000 shares of common stock. This award, approved on June 13, 2022, was essential for the employee's acceptance of the role and complies with Nasdaq Listing Rule 5635(c)(4). The options will have an exercise price equal to the stock's closing price on the grant date and will vest over four years, subject to continued employment. CTI BioPharma specializes in developing targeted therapies for blood-related cancers.
CTI BioPharma Corp. (Nasdaq: CTIC) recently showcased key results from its pacritinib clinical program at the EHA 2022 Congress in Vienna. Presentations highlighted that full-dose pacritinib demonstrated higher response rates and a manageable safety profile in myelofibrosis patients with thrombocytopenia compared to lower-dose ruxolitinib. The commercial launch of VONJO (pacritinib) in the U.S. is reportedly exceeding expectations, reinforcing its potential as a leading treatment for cytopenic myelofibrosis. The data suggests that pacritinib may offer a full-dose therapy option for patients with severe thrombocytopenia.
CTI BioPharma Corp. (NASDAQ: CTIC) announced its participation in two investor conferences in New York City. The presentations are scheduled for the Jefferies Healthcare Conference on June 10, 2022 at 10:00 a.m. ET, and the JMP Securities Life Sciences Conference on June 15, 2022 at 11:00 a.m. ET. Both events will be webcast live and can be accessed through the Investors section of CTI BioPharma's website. The company focuses on developing novel therapies for blood cancers, with its FDA-approved product VONJO™ targeting myelofibrosis.
CTI BioPharma Corp. (NASDAQ: CTIC) announced on May 27, 2022, that its Compensation Committee approved equity inducement awards for three new employees, granting options to purchase a total of 94,000 shares of common stock. The options will be priced at the closing stock price on each employee's grant date, with a vesting schedule of 25% on each anniversary and a term of 10 years. This move complies with Nasdaq Listing Rule 5635(c)(4), aimed at enhancing employee retention and attraction, crucial for the company's focus on novel therapies for blood-related cancers.
CTI BioPharma Corp. (Nasdaq: CTIC) announced a poster presentation at the 2022 ASCO Annual Meeting, showcasing data from its pacritinib program. The risk-adjusted safety analysis indicates that pacritinib, dosed at 200 mg twice daily, has a safety profile comparable to best available therapy, including ruxolitinib, in myelofibrosis patients. VONJO, the first FDA-approved treatment for cytopenic myelofibrosis, received positive recognition in NCCN guidelines. The presentation is scheduled for June 4, 2022, focusing on significant findings relevant to this patient group.
CTI BioPharma reported a strong start for VONJO™ (pacritinib) following its accelerated FDA approval for treating myelofibrosis. The company achieved $2.3 million in net product revenue within the first month of launch, surpassing initial expectations. VONJO is now recommended in NCCN guidelines as both a first- and second-line treatment for qualifying patients. However, CTI reported a net loss of $37.2 million for the first quarter of 2022, with significant increases in operating expenses primarily due to commercialization efforts.
CTI BioPharma Corp. announced a poster presentation of its pacritinib program at the 2022 ASCO Annual Meeting taking place from June 3-7, 2022. The presentation will highlight a risk-adjusted safety analysis of pacritinib in patients with myelofibrosis, with details including abstract number 7058 and scheduled for June 4, 2022. Pacritinib is a targeted therapy effective against JAK2 mutations and is FDA-approved for treating myelofibrosis in patients with low platelet counts. CTI's ongoing Phase 3 PACIFICA study further explores pacritinib’s utility in severe thrombocytopenia.
On May 5, 2022, CTI BioPharma Corp. (NASDAQ: CTIC) announced the grant of equity inducement awards to two new employees, totaling options for 207,500 shares of common stock. Approved on May 4, 2022, these awards are part of compliance with Nasdaq Listing Rule 5635(c)(4). 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 is focused on developing targeted therapies for blood-related cancers and has one FDA-approved product, VONJO™, for treating myelofibrosis.
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