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March 9, 2006

Cell Therapeutics pares annual loss to $102 million

Posted by Benjamin J. Romano at 9:36 AM

Cell Therapeutics shares were up 3 percent in midday trading after the company reported its fourth-quarter and full-year results.

The Seattle biotechnology company lost $18.7 million in the fourth quarter, or 27 cents a share, down from $43.5 million in the same period last year. For the year, the company recorded a loss of $102.5 million, $1.59 a share, down from $252.3 million, $4.67 a share, in 2004.

Cell Therapeutics booked a $71.2 million gain from the sale of Trisenox in 2005, including $40.7 million in the fourth quarter. The company sold the leukemia drug, its only approved product, to Cephalon last summer.

The company had $69.1 million in cash and equivalents on Dec. 31 and spent $73.8 million on operations in 2005, including a $12.8 million restructuring charge.

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