CTI BioPharma Corp (fka CTIC)

[rmtd]

CTIC just reported that pixantrone met its primary endpoint in the Phase III EXTEND trial. The study of 140 patients with relapsed, aggressive non-Hodgkin’s lymphoma showed that the drug was able to induce a high rate of “confirmed and unconfirmed complete remissions” compared to patients treated with standard chemotherapy — 14/70 (20.0%) for pixantrone vs. 4/70 (5.7%) for the standard chemotherapy arm, p = 0.02. There was also an increase in progression free survival (PFS) of 81% compared to standard chemotherapeutic agents.

CTIC plans to submit an NDA in 2Q09 with the hopes of being granted an expedited 6-month review.

The company has also been in cash emergency mode, selling its stake in Zevalin to Spectrum, closing its Italian manufacturing facility and axing dozens of employees to keep as much green in the bank as possible.