Xconomy | Seattle - Business + Technology in the Exponential Economy

CTI Loses $4.3M Arbitration

Cell Therapeutics (NASDAQ: CTIC), the Seattle-based developer of cancer drugs, said today in a regulatory filing that it lost an arbitration dispute with Irvine, CA-based Spectrum Pharmaceuticals worth $4.3 million. In February, CTI sold its remaining stake in the lymphoma drug ibritumomab tiuxetan (Zevalin) to Spectrum for $16.5 million. In April, Spectrum refused to pay a final installment payment of $3.5 million, saying CTI owed it that amount and more. The arbitrator agreed, allowing Spectrum to keep the $3.5 million, and ordering CTI to pay Spectrum another $776,000.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

Comments (1) | Reprints | Share:

Reader Comments

Dan Eramian
5/29/09 11:14 am

Of the $4.3 M arbitration amount, Spectrum is obligated to pay $3.2 M in liabilities incurred or to be incurred by CTI.