CTI BioPharma Corp (NASDAQ:CTIC) announced the appointment of Bruce J. Seeley as Executive Vice President and Chief Commercial Officer, reporting to James Bianco, M.D., CTI BioPharma’s President and Chief Executive Officer. Seeley joins CTI BioPharma effective today and will serve on the executive leadership team, assuming responsibility for CTI BioPharma’s commercial organization worldwide – including sales, marketing, commercial operations, medical affairs and supply chain.

“With more than 25 years of global commercial experience and a proven track record of successfully launching products in various markets and regulatory environments, Bruce brings to CTI BioPharma the right knowledge and skills for advancing our commercial organization,” said Dr. Bianco. “His recent launch experience, particularly in blood-related cancers, will be of great value to the ongoing commercialization of PIXUVRI in the EU as well as the future advancement of our pipeline, including the potential launch of pacritinib for patients with myelofibrosis.”

“Pacritinib is a unique, kinase inhibitor with specificity for JAK2, FLT3, IRAK1 and CSF1R, which are known targets for many blood cancers and solid tumors,” said Mr. Seeley. “I am excited by the potential value that pacritinib could bring to patients and to CTI BioPharma’s pipeline. The recent positive data from the first pacritinib Phase 3 trial in myelofibrosis and the potential for this candidate in other blood-related cancers make it a very opportune time to be joining CTI BioPharma. I look forward to working with the team and our partner to achieve the goal of bringing this innovative product to market and building a successful pacritinib franchise.”

Seeley most recently served as Senior Vice President and General Manager of Diagnostics atNanoString Technologies, Inc. overseeing the launch of the diagnostic product PROSIGNA® for early stage breast cancer. Before joining NanoString, Seeley was Executive Vice President of Commercial at Seattle Genetics where he built and led the commercial organization, including marketing, sales and managed markets. While at Seattle Genetics, Seeley successfully launched the company’s first product, ADCETRIS®, a targeted therapy for lymphoma. Seeley also previously held key leadership positions in marketing at Genentech (now a member of theRoche Group), including as Senior Director, Oncology Marketing, HER2 Brands, where he led the launch of HERCEPTIN® in adjuvant breast cancer. Seeley also held various roles at Aventis Pharmaceuticals Inc. (a part of Sanofi) in global and U.S. marketing, sales and new product commercialization and licensing, and in sales at Bristol-Myers Squibb Company.

In connection with the transition of medical affairs to the new Chief Commercial Officer, Dr. Jack Singer assumes the position of Chief Scientific Officer and will continue to serve as Executive Vice President, Interim Chief Medical Officer and Global Head of Translational Medicine. (Original Source)

Shares of CTI BioPharma closed last Friday at $1.88. CTIC has a 1-year high of $2.94 and a 1-year low of $1.65. The stock’s 50-day moving average is $2.02 and its 200-day moving average is $2.06.

On the ratings front, Roth Capital analyst Debjit Chattopadhyay reiterated a Buy rating on CTIC, with a price target of $4.50, in a report issued on June 16. The current price target represents a potential upside of 139.4% from where the stock is currently trading. According to TipRanks.com, Chattopadhyay has a total average return of 31.4%, a 65.1% success rate, and is ranked #20 out of 3712 analysts.