SEATTLE, Oct. 3, 2016 /PRNewswire/ -- CTI BioPharma
Corp. (CTI BioPharma) (NASDAQ and MTA:CTIC) today announced that
James A. Bianco, M.D, CTI
BioPharma's President and Chief Executive Officer, has retired from
the Company effective on October
2nd. At the request of the Board of Directors,
Richard Love, a director of CTI
BioPharma since 2007, has been appointed to serve as interim
President and Chief Executive Officer.
"Since starting the Company 25 years ago, I believe we have made
significant contributions to science and to the treatment of
patients with blood-related cancers," said Dr. Bianco. "We
identified, in-licensed or acquired 6 novel targeted agents, 3 of
which received marketing approval. I am very proud of these
accomplishments, including, TRISENOX® (arsenic trioxide) now the
standard of care in treating patients with a rare form of leukemia;
expanding the indication for ZEVALIN® (ibritumomab tiuxetan), the
first approved radio-immunotherapy for patients with a chronic form
of lymphoma; and PIXUVRI® (pixantrone), the first and only
treatment approved for patients with relapsed aggressive B-cell
non-Hodgkin lymphoma. With pacritinib at its current stage of
development, this is the right time for me to retire and pursue
other passions in my life. I have always been amazed at the
dedication and passion of our employees and look forward to
following the Company as it transitions through its next phase of
development."
Phillip Nudelman, Ph.D., Chairman
of the Board, said, "Jim has contributed in many ways since
co-founding CTI BioPharma 25 years ago, and has a keen ability to
identify underappreciated assets. We thank Jim and wish him great
success in his future endeavors."
Dr. Nudelman added, "Richard Love
has significant experience with CTI BioPharma as a member of the
Board of Directors, and we are fortunate that he is available and
willing to serve as interim CEO. His many years of biotech
experience as a founder and CEO make him the ideal person to
operate the company as we search for a new, seasoned CEO to take
over the reins of CTI BioPharma."
About CTI BioPharma's future prospects, Mr. Love said, "I am
enthusiastic about the potential of pacritinib as a treatment
option for patients with myelofibrosis, and I look forward to
working with our dedicated employees and our senior leadership team
to move this program forward. In particular, I plan to work with
them as they communicate with the U.S. and European regulatory
agencies to determine the best path forward for pacritinib, with
the ultimate goal of obtaining potential marketing approval in both
territories."
Mr. Love started two biotechnology companies, Triton Biosciences
Inc. and ILEX Oncology Inc., and he served as chief executive
officer for Triton Biosciences Inc. from 1983 to 1991 and as chief
executive officer for ILEX Oncology from 1994 to 2001. Mr. Love
also served in executive positions at not-for-profit organizations
including the Cancer Therapy and Research Center (CTRC) and the
Translational Genomics Research Institute (TGen). He currently is a
director of PAREXEL International Corporation, a publicly traded
company, and is a director of several private companies. Mr. Love
received his B.S. and M.S. degrees in chemical engineering from
Virginia Tech.
About CTI BioPharma
CTI BioPharma Corp. 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.
CTI BioPharma has a commercial presence in Europe with respect to PIXUVRI® and
a late-stage development pipeline, including pacritinib 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.
PIXUVRI® is a registered trademark of CTI BioPharma
Corp.
TRISENOX® is a registered trademark of Teva
Pharmaceutical Industries Ltd.
ZEVALIN® is a registered trademark of Spectrum
Pharmaceuticals, Inc.
Forward-Looking Statements
This press release includes forward-looking statements, which
are within the meaning of the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
regarding expectations with respect to the potential therapeutic
utility of pacritinib, including pacritinib's potential to achieve
treatment goals across patients with myelofibrosis, and
expectations with respect to the future regulatory and
commercialization plans. 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 the issuers' securities, including risks related to the
satisfaction of regulatory and other requirements; the actions of
regulatory bodies and other governmental authorities; other
clinical trial results; changes in laws and regulations; product
quality, product efficacy, study protocol, data integrity or
patient safety issues; product development risks; and other risks
identified in each of the issuer's most recent filings on Forms
10-K and 10-Q and other Securities and Exchange Commission
filings.
CTI BioPharma Contacts:
Monique Greer
+1 206-272-4343
mgreer@ctibiopharma.com
Ed Bell
+1 206-272-4345
ebell@ctibiopharma.com
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SOURCE CTI BioPharma Corp.