Cell Therapeutics sees 2013 revenue rise thanks to Baxter deal

US biotech firm Cell Therapeutics (Nasdaq: CTIC) revenue soared last year to $34.7 million, due to a contract with Baxter (Nasdaq: BAX) for pacritinib, a potential myelofibrosis drug.

The company’s full-year sales for 2013 are almost entirely due to contract revenue of $32.4 million, which was primarily attributed to the upfront payment received in November 2013 from Baxter for the worldwide license agreement to develop and commercialize pacritinib.

James Bianco, president and chief executive, said: “2013 was a transformational year for CTI, as we entered into a worldwide license agreement with Baxter International to develop and commercialize our JAK2/FLT3 inhibitor, pacritinib, achieved favorable reimbursement and market access for Pixuvri [pixantrone], in major European markets and reported new positive interim data for tosedostat. Additionally, we recently began the second Phase III trial of pacritinib for the treatment of patients with myelofibrosis. Our business priorities in 2014 include completing the first Phase III clinical trial of pacritinib in myelofibrosis and reporting topline results later in the year, while advancing the second Phase III trial; driving EU sales of Pixuvri for relapsed aggressive B-cell NHL; and advancing Phase II studies of pacritinib and tosedostat in other hematologic malignancies.”