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April 10, 2006

Patent lifts Cell Therapeutics stock

Posted by Benjamin J. Romano at 1:14 PM

Shares of Seattle biotechnology company Cell Therapeutics closed up 10.6 percent Monday after it announced a new patent.

The company patented CT-45099, which it described as the first agent from a new class of anti-cancer compounds to reach animal testing. The compound is a small-molecule antitubulin and differs from other cancer drugs in its method of action against tumor cells, the company said.

Patented through its European subsidiary, the drug may be effective against cancers that develop resistance to other chemotherapies.

Cell Therapeutics was up 19 cents to close at $1.98 this afternoon on heavier-than-normal volume.

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