Cell Therapeutics Finalizes Asset Sale and Closure of Italian Branch, Saves $20 Million in 2010 Annual Operating Expenses 09/28 01:30 AM
SEATTLE, Sept. 28 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTIC:$1.24,00$-0.08,00-6.06%) announced today that it has finalized the closing its Bresso, Italy operations and will receive approximately $1.1 million from the sale of assets. CTI expects the closure to save approximately $20 million in annual operating expenses in 2010 and beyond based on current exchange rates. The Bresso facility was used for pre-clinical research and was underutilized due to CTI's focused business model preparing for commercial launch of pixantrone and other phase III development stage products.
