CT seeks alternative for Italian facility

Seattle, USA-based Cell Therapeutics says that it has engaged the services of a strategic advisory consulting firm, Adjuvant Global  Advisors, to assist in developing strategic options for a partnership,  asset divestment or joint venture for Cell Therapeutics Europe Sede  Secondaria, its preclinical drug development arm in Bresso, near Milan,  Italy. The move is designed to narrow the focus of CT's business plan,  reducing its burn rate by $14.0 million as it also maintains the mission  and workforce of the Bresso facility.

"As CT transitions from a research-based operation to a commercial drug  company, it has been transferring resources to its US sales and  marketing operations," said James Bianco, the firm's chief executive.  "As we have previously announced, we are refocusing our resources on  late-stage and marketed products, and as such, CTI needs to reduce its  preclinical operations," he added.

Adjuvants role will be to seek out a potential buyer or partner, that  wants to expand with an intact and integrated preclinical team. The  Bresso personnel have worked together in oncology for many years and  offer services ranging from target and lead discovery and optimization,  preclinical development, along with preclinical activities supporting  clinical development (Phase I to III) and regulatory expertise. The  organization has about 50 experienced PhD scientists, laboratory  equipment and facilities. There is also available an existing pipeline  of internal drug development projects which range from Phase II  compounds to preclinical discovery programs.