Axia Slashes Estimates for Cell Therapeutics (CTIC)

Cell Therapeutics (NASDAQ: CTIC) is planning to file a marketing authorization application for its drug Pixantrone in the European Union. In April, The FDA responded to the company’s Pixantrone application, stating that it could not approve the application and recommended that the company conduct an additional trial. The company incurred a $44.2 million net loss in 1Q 2010. The loss was mainly attributed to the expenses related to Pixantrone’s potential approval. Cell Therapeutics (CTIC) had $41.5 million in cash and equivalents at the end of the first quarter.

Axia has given a‘Hold’ rating to Cell Therapeutics. It also has slashed its estimates for the company due to the lengthening of the approval process for the drug.