CTI BioPharma (CTIC) CEO Bianco to Retire

October 3, 2016 6:09 AM EDT
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CTI BioPharma Corp. (Nasdaq: CTIC) announced that James A. Bianco, M.D, CTI BioPharma's President and Chief Executive Officer, has retired from the Company effective on October 2nd. At the request of the Board of Directors, Richard Love, a director of CTI BioPharma since 2007, has been appointed to serve as interim President and Chief Executive Officer.

"Since starting the Company 25 years ago, I believe we have made significant contributions to science and to the treatment of patients with blood-related cancers," said Dr. Bianco. "We identified, in-licensed or acquired 6 novel targeted agents, 3 of which received marketing approval. I am very proud of these accomplishments, including, TRISENOX® (arsenic trioxide) now the standard of care in treating patients with a rare form of leukemia; expanding the indication for ZEVALIN® (ibritumomab tiuxetan), the first approved radio-immunotherapy for patients with a chronic form of lymphoma; and PIXUVRI® (pixantrone), the first and only treatment approved for patients with relapsed aggressive B-cell non-Hodgkin lymphoma. With pacritinib at its current stage of development, this is the right time for me to retire and pursue other passions in my life. I have always been amazed at the dedication and passion of our employees and look forward to following the Company as it transitions through its next phase of development."

Phillip Nudelman, Ph.D., Chairman of the Board, said, "Jim has contributed in many ways since co-founding CTI BioPharma 25 years ago, and has a keen ability to identify underappreciated assets. We thank Jim and wish him great success in his future endeavors."

Dr. Nudelman added, "Richard Love has significant experience with CTI BioPharma as a member of the Board of Directors, and we are fortunate that he is available and willing to serve as interim CEO. His many years of biotech experience as a founder and CEO make him the ideal person to operate the company as we search for a new, seasoned CEO to take over the reins of CTI BioPharma."

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