Cell Therapeutics to sell 50% stake in Zevalin joint venture

02/22/2009 | American City Business Journals

Cell Therapeutics said it is selling its 50% ownership interest in the cancer drug Zevalin to Spectrum Pharmaceuticals for $18 million to raise enough working capital to operate past the end of February and cut its annual expenses by $15 million. Cell Therapeutics, which entered a joint agreement with Spectrum in November to develop Zevalin, plans to focus on the non-Hodgkin's lymphoma drug pixantrone and Oxpaxio for treating non-small cell lung and ovarian cancer.

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