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.