CTI BioPharma Corp (NASDAQ:CTIC) is moving lower in Wednesday’s trading session as the stock had seen a major downtrend since mid-February.
Market Action
As of 10:00, CTIC stock fell 4 cents or 1.60% to $2.46 with more than 221K shares, compared to its average volume of 1.06 million shares. The stock has moved within a range of $2.4510 – 2.5300 after opening the trade at $2.50.
CTI BioPharma Reports First Quarter 2021 Financial Results
- On May 31, 2021, Mr. Yanjun Lin notified the Company of his intention to resign from his position as a Operating loss was $17.1 million and $11.9 million for the three months ended March 31, 2021 and 2020, respectively. The increase in operating loss resulted primarily from increases in research and development and general and administrative activities associated with continued development and preparation for the commercialization of pacritinib.
- Net loss for the three months ended March 31, 2021 was $17.3 million, or $0.23 for basic and diluted loss per share, as compared to a net loss of $12.2 million, or $0.20 for basic and diluted loss per share, for the same period in 2020.
- As of March 31, 2021, cash, cash equivalents and short-term investments totaled $37.2 million, as compared to $52.5 million as of December 31, 2020. On April 6, 2021 we completed an equity financing with net proceeds of $53.8 million, which enables us to fund our operations into the fourth quarter of 2021.
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