MILAN, Italy, Sept. 26 Cell Therapeutics, Inc.(CTI) (Nasdaq: CTIC; MTAX) held its 2007 annual shareholders meeting (AnnualMeeting) on Tuesday, September 25, 2007 in Milan. The Company conducted theAnnual Meeting in Milan since a majority of CTI's shares are held by Italianshareholders. At the 2007 Annual Meeting, shareholders re-elected Mary O.Mundinger, Dr. PH, and Jack W. Singer, M.D., as Class III Directors for a termto expire at the 2009 Annual Meeting. Frederick W. Telling, Ph.D., was electedas a Class II Director for a term expiring at the 2008 Annual Meeting. John H.Bauer was elected and Phillip M. Nudelman, Ph.D., was re-elected as Class IDirectors for a term to expire at the 2010 Annual Meeting.
Also approved at the 2007 Annual Meeting were a proposal to approve theCompany's 2007 Employee Stock Purchase Plan and reserve 250,000 shares ofcommon stock for issuance under the Plan; a proposal to amend and restate theCompany's 2003 Equity Incentive Plan, which was retitled as the 2007 EquityIncentive Plan; and a proposal to ratify Stonefield Josephson as CTI'sindependent auditor for the years ending December 31, 2006 and 2007.
"I'd like to thank our shareholders who voted or provided proxies for ourmeeting. I'm happy to report that as a result of focusing on outreach to ourItalian shareholders and banks and sharing information with them about theprocess CTI is required to follow in the United States and under Washingtonlaw, of the approximately 27 million shares held in Italy, I believe more thantwo million of them have been voted directly by individual shareholders orsmall banks," said James A. Bianco, M.D., President and CEO of CTI. "I'd alsolike to thank our shareholders who attended the meeting."
During management's presentation, Bianco introduced CTI's strategicplatform, which is intended to reduce the risk of current and future cancerdrug development. He also reviewed CTI's growth through acquisitioninitiative, which resulted in the recent acquisition of Systems Medicine andBrostallicin as well as the agreement to acquire Zevalin(R) (ibritumomabtiuxetan) from Biogen IDEC, which is pending closing. Bianco outlined CTI'sdevelopment plans and upcoming milestones for its pipeline, includingXYOTAX(TM) (paclitaxel poliglumex, CT-2103), pixantrone (BBR 2778), andBrostallicin.
"As a result of our recent acquisitions and with our existing pipeline, wehave built a powerful, diversified oncology pipeline. This gives us thepotential for multiple pivotal and regulatory milestones in 2008 and 2009. Weare integrating several components of our strategy, ranging from developingnext generation versions of proven effective agents to using cutting edgegenomic science to target the right patients for the right drug, which webelieve will allow us to manage the risk inherent in cancer drug development,"noted Bianco.
"While we anticipate our 2007 net loss to be consistent with the 2006 netloss, we will need to raise additional capital to move our programs forwardover the next few years. If we achieve our product pipeline, acquisition, andsales targets, our goal is to break even in 2009 and have a profitableoperating company by 2010," Bianco added. For more information on CTI'sstrategy and development pipeline or to see the archived presentation, pleasevisit our Web site at http://www.cticseattle.com.
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed todeveloping an integrated portfolio of oncology products aimed at making cancermore treatable. For additional information, please visithttp://www.cticseattle.com.
This press release includes forward-looking statements that involve anumber of risks and uncertainties, the outcome of which could materiallyand/or adversely affect actual future results. Specifically, the risks anduncertainties that could affect CTI includ