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Tuesday, November 15, 2005
Cell Therapeutics cites loss
Seattle-based Cell Therapeutics Inc. reported Monday a third-quarter 2005 net loss of $8.5 million, or 13 cents per share. That amount marked more than a 75 percent decrease from the year-ago period, when the biotechnology company had a $34.9 million net loss, which amounted to 62 cents per share.
CTI attributed the decrease largely to the approximately $68 million sale of Trisenox, its only government-approved drug. The company used the money to repay an investor and to fund its operations.
It booked $1.3 million in revenue for the most recent quarter, compared with $8.7 million for the third quarter of 2004.
For the three months that ended Sept. 30, CTI said it had nearly $41 million in cash, cash equivalents, securities for sale and interest receivable.
In other earnings news, Bellevue-based Saflink Corp., a biometric security company reported third-quarter revenue of $2.4 million -- an increase over the second quarter but flat when compared with the same period last year. It also posted a $26.1 million loss, which included non-cash impairment charges to good will of $19.3 million. That compares with a net loss of $7.2 million for the same period last year.
In other news, the company announced that it was appointing as co-chairman Trevor Neilson, the executive director of the Global Business Coalition on HIV/AIDS and former director of public affairs for the Bill & Melinda Gates Foundation.
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