CTI BioPharma rises on funding for launch of cancer drug

DRI Healthcare Trust

25/08/2021 14:27

** Drug developer's  CTIC.O  shares rise 2.5% to $2.81
premarket
    ** Co and DRI Healthcare Trust  DHT_u.TO  agree upon up to
$135 mln in funding for CTIC  urn:newsml:reuters.com:*:nPn4mHmmsa
    ** CTIC will use the proceeds to fund commercialization of
experimental therapy, pacritinib
    ** Pacritinib is currently under U.S. FDA priority review
for treatment of patients with myelofibrosis, a type of blood
cancer, who have low blood platelet count; agency is expected to
make a decision by Nov. 30
    ** DRI Healthcare will provide CTIC $50 mln credit facility
at closing and $60 mln upon receiving accelerated approval of
pactritinib and will receive royalties on sales; CTIC also
entitled to an additional $25 mln in milestone payments
    ** CTIC is preparing for a potential commercial launch by
end of year
    ** Up to Tuesday's close, CTIC stock had lost 14.9% this
year

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))