CTI BioPharma Corp (NASDAQ:CTIC) and Fred Hutchinson Cancer Research Center (Fred Hutch) announced the establishment of a new $1.5 million research endowment fund – The CTI BioPharma International Postdoctoral Research Fellowship – intended to foster international collaboration in translational research and support advancements in the fields of hematology and immunobiology.
“Establishing this endowed international visiting fellowship to Fred Hutch stems from our commitment to translate scientific discoveries into innovative therapies that cure patients with blood-related cancers,” said James A. Bianco, M.D., president and CEO of CTI BioPharma. “After all, changing the future of cancer medicine starts with the support of today’s innovative ideas.”
Hematology is the study of blood in health and disease and includes problems with red and white blood cells, platelets, blood vessels, bone marrow, lymph nodes, spleen, and the proteins involved in bleeding and clotting (hemostasis and thrombosis). Common blood disorders, affecting millions of people each year in the United States, include sickle cell disease,anemia, bleeding disorders (such as hemophilia and blood clots) and blood cancers (such as leukemia, lymphoma, and myeloma). Immunobiology is the study of the immune factors that affect the growth, development, and health of biologic organisms.
“Endowment funding is essential to keeping our research and clinical programs moving forward in order to find new cures and save lives,” said Gary Gilliland, M.D., Ph.D., president and director of Fred Hutchinson Cancer Research Center. “Support, such as through the establishment of this CTI BioPharma fellowship and endowment fund, allows doctors and scientists to develop and manage their programs and to take advantage of emerging opportunities. Without the support from companies such as CTI BioPharma, many potential lifesaving medicines would not make it from the research bench to patients.”
The CTI BioPharma fellowship and endowment fund is in memory of E. Donnall Thomas, M.D., a pioneering scientist and Nobel Prize recipient who had a profound and positive impact on the co-founders of CTI BioPharma, Bianco and Jack Singer, M.D., chief scientific officer and global head of Translational Medicine. This fellowship and endowment will provide seed funding to support the research efforts of promising, young physician researchers from around the world. Fred Hutch will receive endowment funding over three years to identify and select proposed research projects from medical researchers currently working at international institutions based outside of the U.S. Both CTI BioPharma and other institutions or organizations can donate additional funding to the endowment at any time, per the approval of Fred Hutch. (Original Source)
Shares of CTI BioPharma Corp. closed yesterday at $1.46. CTIC has a 1-year high of $2.94 and a 1-year low of $1.42. The stock’s 50-day moving average is $1.60 and its 200-day moving average is $1.83.
On the ratings front, CTI BioPharma has been the subject of a number of recent research reports. In a report issued on September 23, Piper Jaffray analyst Charles Duncan reiterated a Buy rating on CTIC, with a price target of $8, which represents a potential upside of 447.9% from where the stock is currently trading. Separately, on August 11, Roth Capital’s Debjit Chattopadhyay maintained a Buy rating on the stock and has a price target of $4.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Charles Duncan and Debjit Chattopadhyay have a total average return of 0.3% and 8.8% respectively. Duncan has a success rate of 33.3% and is ranked #2173 out of 3755 analysts, while Chattopadhyay has a success rate of 43.4% and is ranked #339.