On The Block

Cell Therapeutics Inc. (Nasdaq: CTIC) is exploring strategic alternatives in order to fund its continued operations. The biopharmaceutical company might pursue partnerships, joint ventures, public or private equity financings, debt financings or restructurings. Another option is the sale of assets. The Seattle-based company has authorized its management to hire a financial adviser to help with the process. Cell Therapeutics is also evaluating short- and long-term strategic business development opportunities and operational efficiencies. It plans to cut its staff to 85 early in the second quarter from 194 on Dec. 31.

Sunrise Telecom Inc. is weighing the option of selling itself to a strategic buyer or a private equity fund. The San Jose, Calif.-based company is also considering a merger as another alternative. The developer of test and measurement solutions for telecom, cable and wireless networks has hired Cabrillo Advisors LLC as a financial adviser to help with the process.

True Temper Sports Inc. has hired investment bank Lazard Middle Market to assist with its review of alternatives that could help the Memphis-based company improve its capital structure and value. The maker of golf shafts is out of compliance with its debt agreements after missing a payment on its revolving bank credit facility and subordinated notes in March.True Temper, which generated sales of $128 million for 2008, has been a part of Gilbert Global Equity Partners’ portfolio since March 2004.

Axsys Technologies Inc. (Nasdaq: AXYS) is considering the possible sale of the company and hired investment bank Jefferies & Co. to evaluate offers through a formal process. The Rocky City, Conn.-based defense contractor said it has received “an increasing number of overtures from interested strategic buyers” as a result of pressure on its stock price. The maker of surveillance cameras and imaging systems’ net income for 2008 climbed to $25.9 million from $16.8 million a year ago and revenue rose to $245.5 million from $171.6 million. For 2009, Axsys Technologies still expects to earn $2.66 to $2.72 a share and generate revenue of $278 million to $282 million.