CTI BioPharma Corp. (CTIC) is up 13.85% in the pre-market trading session at the price of $2.96 despite any recent news.
CTIC Reported Second Quarter 2021 Financial Results
On 5th August 2021, CTIC announced its financial results for the second quarter ended on 30th June 2021. The operating loss was $19.5 million for the three months ended on 30th June 2021. It was $10.0 million for the same period of 2020. The operating loss was $36.6 million for the six months ended on 30th June 2021, compared to an operating loss of $21.9 million for the same period of 2020. The rise in operating loss for the three and six months ended 30th June 2021 was primarily due to a growth in research and development as well as in administrative activities. Also, it was result of continued development and preparation for the potential commercialization of pacritinib.
CTIC reported a net loss of $19.7 million, or $0.21 for basic and diluted loss per share, for the three months ended 30th June 2021. Net loss was $14.0 million or $0.19 for basic and diluted loss per share for the same period in 2020. Net loss for the six months ended 30th June 2021 was $36.9 million or $0.44 for basic and diluted loss per share. The net loss of $26.2 million, or $0.38 for basic and diluted loss per share, was reported for the same period in 2020.
CEO of CTIC Adam R. Craig remarked that they have continued to advance pacritinib towards a U.S. approval and commercial launch this year. He has emphasized the importance of the U.S. Food and Drug Administration’s approval and the review of their NDA submission for pacritinib. This drug will be helpful for myelofibrosis patients with severe thrombocytopenia. They are working closely with the FDA for the review of their application and will continue to advance their commercial launch activities, he added.
Expected Milestones
The U.S. commercial launch of pacritinib drug is expected by the end of the year 2021. Analysis report of Phase 3 PRE-VENT trial in hospitalized patients of COVID-19 will release in the third quarter of 2021.
Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
On 26th July 2021, CTIC declared that an authorized subcommittee of the Compensation Committee of its Board of Directors had granted equity awards to two new employees. The inducement was awarded under the terms of the Amended and Restated 2017 Equity Incentive Plan. The equity awards were approved on 23rd July 2021 as per the Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase an aggregate of 68,000 shares of CTI BioPharma common stock.
