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CTI BioPharma and DRI Healthcare Trust Announce up to $135 Million Debt and Royalty Transaction
CTI BioPharma and DRI Healthcare Trust Announce up to $135 Million Debt and Royalty Trans...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n CTI BioPharma and DRI Healthcare Trust Announce up to $135 Million Debt and Royalty Transaction\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n –  Transaction to Fund Launch and Commercialization of Pacritinib in\n \n the United States\n \n This Year Pending FDA Approval, and Future Commercialization  –\n \n \n \n \n SEATTLE\n \n and\n \n TORONTO\n \n ,\n \n Aug. 25, 2021\n \n /CNW/ - CTI BioPharma Corp. (Nasdaq: CTIC) (CTI) and DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (DRI) today announced transactions totaling up to\n \n $135 million\n \n in funding for CTI, with\n \n $50 million\n \n in secured debt to be funded at closing and\n \n $60 million\n \n to purchase a tiered royalty on sales of pacrinitib upon product approval of pacrinitib by the U.S. Food and Drug Administration (FDA). The proceeds of the transactions will be used by CTI to fund the commercialization of pacritinib for the treatment of myelofibrosis patients with severe thrombocytopenia. CTI has a New Drug Application (NDA) under priority review by the FDA with a Prescription Drug User Fee Act (PDUFA) target action date of\n \n November 30, 2021\n \n , and is preparing for a potential commercial launch by end of year.\n \n \n \"CTI is in a strong position to deliver a meaningful new treatment option for patients with myelofibrosis with thrombocytopenia who are in urgent need of new therapies. If we achieve our sales goals in the first two years of launch, we anticipate that this transaction will put us on a clear path to profitability,\" said\n \n Adam R. Craig\n \n , M.D., Ph.D., President and Chief Executive Officer of CTI Biopharma. \"We thank DRI for their support of CTI and for their partnership during the launch and commercialization of pacritinib.\"\n \n \n \"We are excited to announce DRI's partnership with CTI,\" said\n \n Behzad Khosrowshahi\n \n , Chief Executive Officer of DRI Healthcare Trust. \"Pacritinib is a great addition to our portfolio as a new therapy that addre...