Boston, MA 07/02/2014 (wallstreetpr) – CTI BioPharma Corp (NASDAQ:CTIC) has completed the enrollment of the patient for the Phase 3 clinical trial of pacritinib, which is being offered as a novel oral treatment for myelofibrosis.
The study is expected to have 320 patients the randomized, multicenter and open-label trial. The study will focus on the efficacy and safety of the treatment. The study’s primary endpoint is having a greater percentage in the reduction of in spleen volume.
The company is in for a milestone in the neighborhood of $20 million in 3Q2014 based on dosing of the final patient under the latest trial.
The company has entered development and commercialization arrangement with Baxter International, which will be responsible for making the milestone payments. CTI BioPharma Corp (NASDAQ:CTIC) expect to achieve the points that qualify it for the milestone.
According to the company officials, a high number of patients and physicians have shown interest in participating in the trial, which underscores higher chances of success in the study.
The company expects to report top line results from the study, and the results are expected to be released by early 2015, according President and CEO James Bianco.
The experimental drug showed impressive results in the previous studies.
Insider activity in the stock
CTI BioPharma Corp (NASDAQ:CTIC) has witnessed insider selling whereby the CEO Bianco is also involved. The CEO unloaded a total of 105,000 shares of the company in two installments in June alone. Earlier in the month the CEO sold 55,000 shares at the price of $2.99 apiece. He later sold 50,000 shares at the price of $2.84 apiece.
Another executive called Louis Bianco, EVP Finance and Administration, also sold shares regularly in the past month. However, his sales were in smaller scale in that he unloaded 1,800 shares at the price of $3 per share in the month.
Institutional investors optimistic
Even as insiders appear to be unloading CTI BioPharma Corp (NASDAQ:CTIC), institutional investors are optimistic on the stock. For example, Adage Capital Management entered the position of a strong shareholder with more than 1 million shares valued at $3.4 million.