CTI BioPharma Corp (NASDAQ:CTIC) rose Monday after receiving a $10-million milestone payment from Teva Pharma for TRISENOX.
Seattle-based CTI said Teva’s payment was related to the achievement of sales milestones for TRISENOX® (arsenic trioxide). TRISENOX was acquired from CTI BioPharma by Cephalon, Inc. (Cephalon). Cephalon was subsequently acquired by Teva.
The milestone was paid pursuant to an acquisition agreement for TRISENOX entered into with Cephalon under which CTI BioPharma is eligible to receive up to an additional $40 million in payments upon achievement by Teva of specified sales and development milestones related to TRISENOX.
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. The CTI BioPharma lead product candidate, pacritinib, is being developed for the treatment of patients with myelofibrosis.
CTI shares acquired four cents, or 4.4%, to 94 cents, in the low end of a 52-week trading range from 60 cents to $5.36.
