CTI BioPharma Corp. (CTIC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $19.83 million, or $ 0.71 a share in the quarter, against a net profit of $3.31 million, or $0.12 a share in the last year period.

Revenue during the quarter plunged 97.93 percent to $0.75 million from $36.48 million in the previous year period. Gross margin for the quarter contracted 1712 basis points over the previous year period to 82.36 percent.

Operating loss for the quarter was $19.32 million, compared with an operating income of $4.13 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $17.52 million compared to operating profit of $7.95 million in prior year period.

"We have made excellent progress since the start of the year on the regulatory/clinical front and operationally. We plan to submit the Marketing Authorization Application for pacritinib to treat patients with myelofibrosis to the European Medicines Agency mid-year," said Adam R. Craig, M.D., Ph.D., president and chief executive officer of CTI BioPharma. "We are currently preparing to initiate this quarter the PAC203 dose exploration study that was requested by the FDA and would expect to have interim data by the end of 2017. We are also pleased to have recently expanded our partnership with Servier for commercialization of PIXUVRI in the E.U."