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Cell Therapeutics To Settle For $10.5M

Law360 (January 23, 2007, 12:00 AM EST) -- Cell Therapeutics Inc., a cancer treatment company, said Tuesday that it had reached an oral agreement to settle a government investigation into its business practices for $10.5 million.

In a filing with the U.S. Securities and Exchange Commission, the company said that the settlement relates to its practices regarding injectable acute promyelocytic leukemia drug Trisenox. It sold the drug to Cephalon Inc. in July 2005 for about $72 million.

The settlement with the U.S. Attorney’s office may yet change, and is pending a definitive settlement agreement,...
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