Stock Update (NASDAQ:CTIC): CTI BioPharma Corp Announces Positive Progress On Lead Programs

CTI BioPharma Corp (NASDAQ:CTIC) announced positive progress on its lead programs in addition to key business priorities for 2017.

“Throughout 2016 we maintained our commitment to bringing new therapies to patients with unmet medical needs, and were successful in working with the FDA to remove the full clinical hold on pacritinib and get it back on the development track for the benefit of myelofibrosis patients,” said Richard Love, Interim President and Chief Executive Officer of CTI BioPharma.

“The PERSIST-2 clinical trial of pacritinib was highlighted as one of six late-breaking data presentations at the American Society of Hematology conference in December.  We believe this oral presentation was well received by the hematology/oncology community, which recognizes the unmet need for myelofibrosis patients who are  ineligible to receive or are not benefitting from the approved JAK1/JAK2 inhibitor, ruxolitinib. Additionally, the PIX306 confirmatory trial of our commercial product PIXUVRI (pixantrone) continues to progress toward an announcement of top-line results  later this year.  If positive, this trial could provide the opportunity for full approval and label expansion by EMA, and discussions with the FDA about accelerated PIXUVRI approval in the US for the treatment of patients with relapsed or refractory aggressive B-cell non-Hodgkin lymphoma. We have also made significant effort at reducing our expenses and believe we are well positioned moving into 2017.” (Original Source)

Shares of CTI BioPharma Corp. are currently rising 2.50% to $4.92, or up $0.12 in pre-market trading Monday. CTIC has a 1-year high of $13 and a 1-year low of $2.51. The stock’s 50-day moving average is $0.93 and its 200-day moving average is $0.50.

CTI BioPharma Corp. operates as a biopharmaceutical company, which is focused on the acquisition, development, and commercialization novel targeted therapies covering a spectrum of blood-related cancers. Its products include Pixuvri, Pacritinib, Tosedostat and Opaxio.

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