EX-99.1 2 ctic-ex991_201501296.htm EX-99.1

Exhibit 99.1

CTI BioPharma Corp. Provides Monthly Information at Request of CONSOB

Seattle, January 29, 2015-CTI BioPharma Corp. (“CTI”, the “Company” or “CTI Parent Company”) (NASDAQ and MTA: CTIC) is providing the information herein pursuant to a request from the Italian securities regulatory authority, CONSOB, pursuant to Article 114, Section 5 of the Italian Legislative Decree no. 58/98, that the Company issue at the end of each month a press release providing a monthly update of certain information relating to the Company’s financial situation. However, the Company also directs its Italian shareholders to the Italian language section of its website at www.ctibiopharma.com/italiano, where more complete information about the Company and its products and operations, including press releases issued by the Company, as well as the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), can be found. The information provided below is qualified in its entirety by reference to such information. Please note that all the information disclosed in this press release primarily refers to the period December 1, 2014 through December 31, 2014, except as otherwise expressly noted.

A)

Provisional Estimated and Unaudited Net Financial Position of CTI Parent Company and CTI Consolidated Group, presenting the current and non-current components separately

Provisional Estimated and Unaudited Net Financial Position of CTI Parent Company

The following table reports the estimated and unaudited net financial standing of CTI Parent Company as of December 31, 2014, including a separate indication of the total estimated financial amount of bank debt expiring less than 12 months ahead (current portion).

 

Estimated and Unaudited Net Financial Standing

 

December 31, 2014

 

 

(in USD thousands)

 

 

 

 

Cash and cash equivalents

 

70,521

 

 

Long-term obligations, current portion

 

(1,105)

 

 

Long-term debt, current portion

 

(9,014)

 

 

Estimated and unaudited net financial standing, current portion

 

60,402

 

 

Long-term obligations, less current portion

 

(5,881)

 

 

Long-term debt, less current portion

 

(8,363)

 

 

Estimated and unaudited net financial standing, less current portion

 

(14,244)

 

 

Estimated and unaudited net financial standing

 

46,158

 

The total estimated and unaudited net financial standing of CTI Parent Company as of December 31, 2014 was $46.2 million.


Provisional and Unaudited Estimated Net Financial Position of CTI Consolidated Group

The following table reports the estimated and unaudited net financial standing of CTI Consolidated Group as of December 31, 2014, including a separate indication of the total estimated financial amount of bank debt expiring less than 12 months ahead (current portion).

 

Estimated and Unaudited Net Financial Standing

 

December 31, 2014

 

 

(in USD thousands)

 

 

 

 

Cash and cash equivalents

 

70,933

 

 

Long-term obligations, current portion

 

(1,105)

 

 

Long-term debt, current portion

 

(9,014)

 

 

Estimated and unaudited net financial standing, current portion

 

60,814

 

 

Long-term obligations, less current portion

 

(5,882)

 

 

Long-term debt, less current portion

 

(8,363)

 

 

Estimated and unaudited net financial standing, less current portion

 

(14,245)

 

 

Estimated and unaudited net financial standing

 

46,569

 

The total estimated and unaudited net financial standing of CTI Consolidated Group as of December 31, 2014 was $46.6 million.

B)

Due payables, recorded by category (financial, trade, tax, social security and amounts due to employees) and any associated actions by creditors (solicitations, injunctions, suspended deliveries, etc.) as of December 31, 2014

CTI Parent Company trade payables outstanding for greater than 30 days were approximately $3.5 million as of December 31, 2014.

CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $4.2 million as of December 31, 2014.

During December 2014, there were solicitations for payment only within the ordinary course of business and there were no injunctions or suspensions of supply relationships that affected the course of normal business.

Except as disclosed herein, as of December 31, 2014, there were no amounts overdue of a financial or tax nature, or amounts overdue to social security institutions or overdue to employees.

C)

Disclosures on related-party transactions

During December 2014, there were no transactions with related parties other than those included in the table below and transactions between entities within CTI Consolidated Group. Intercompany transactions are considered ordinary operating activities and are eliminated in consolidation. During December 2014, there were no atypical or unusual intercompany transactions between entities within CTI Consolidated Group to report. The following table reports related-party transactions including key management personnel compensation for their service to the applicable entity within CTI Consolidated Group as of December 31, 2014 and for the one-month ended December 31, 2014 (as a percentage of the applicable category for CTI Consolidated Group):

 

 

As of December 31, 2014

1-month ended December 31, 2014

Assets

Liabilities

Revenues

Operating
Expenses

Transactions with related parties (as a percentage of the applicable category for CTI Consolidated Group)

__

__

__

6.0%

D)

Information about the number of shares issued

During the month of December 2014, the Company’s common stock, no par value (the “Common Stock”), outstanding increased by 259,259 shares. Consequently, the number of issued and outstanding shares of Common Stock as of December 31, 2014 was 176,761,099.


About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI’s lead product candidate, which is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. For additional information and to sign up for email alerts and get RSS feeds, please visit www.ctibiopharma.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of CTI’s securities. Such statements include, but are not limited to, statements regarding estimated and unaudited monthly financial statements and the development of CTI in general. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with the biopharmaceutical industry in general and with CTI and its product and product candidate portfolio in particular including, among others, risks associated with the following: that CTI cannot predict or guarantee the pace or geography of enrollment of its clinical trials, that CTI cannot predict or guarantee the commencement or outcome of preclinical and clinical studies, that CTI may not obtain reimbursement for PIXUVRI in the various applicable countries, that the conditional marketing authorization for PIXUVRI may be withdrawn or may be subject to additional conditions, that CTI may not obtain favorable determinations by other regulatory, patent and administrative governmental authorities, risks related to the costs of developing, producing and selling, as applicable, PIXUVRI, pacritinib, and CTI's other product candidates, and other risks, including, without limitation, competitive factors, technological developments, that CTI’s operating expenses continue to exceed its net revenues, that CTI may not be able to sustain its current cost controls or further reduce its operating expenses, that CTI may not achieve previously announced goals and objectives as or when projected, that CTI’s average net operating burn rate may increase, and that CTI will continue to need to raise capital to fund its operating expenses, but may not be able to raise sufficient amounts to fund its continued operation, as well as other risks listed or described from time to time in CTI’s most recent filings with the SEC on Forms 10-K, 10-Q and 8-K.  Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.

Source: CTI BioPharma Corp.

Contacts:

 

CTI BioPharma Corp.

Monique Greer

+1 206-272-4343

mgreer@ctibiopharma.com

 

Ed Bell

+1 206-282-7100

ebell@ctibiopharma.com

 

 

In Europe

CTI Life Sciences Limited, Milan Branch

Laura Villa

+39 02 94751572

lvilla@cti-lifesciences.com

CTI_EUInvestors@CTI-Lifesciences.com