Navigation Links
Cell Therapeutics, Inc. Announces Reverse Stock Split

Board of Directors approves 1-for-10 split ratio

SEATTLE, Aug. 25 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced that its Board of Directors has authorized a 1-for-10 reverse split of its common stock. The reverse split will become effective as of August 31, 2008.

At the Cell Therapeutics Special Meeting in Lieu of Annual Meeting of Shareholders held on June 19, 2008, shareholders approved a proposal to authorize the Board, in its discretion, to effect a reverse split of CTI's outstanding common stock without further action by shareholders.

The primary purpose of the reverse split is to increase the per-share trading price of CTI's stock in order to regain compliance with the NASDAQ Marketplace Rules for continued listing on the NASDAQ Global Market and to potentially appeal to a broader range of investors.

The reverse split will affect all outstanding shares of CTI's common stock as well as the number of shares of common stock underlying stock options and other exercisable or convertible instruments outstanding at the effective time of the reverse split but will not affect the number of authorized shares.

Upon the effectiveness of the reverse stock split, CTI shareholders will receive one new share of CTI common stock in exchange for every ten shares they hold. CTI's common stock will begin trading on a split-adjusted basis on the MTA in Milan on September 1, 2008 and will begin trading on a split-adjusted basis on the NASDAQ Global Market on September 2, 2008 under the temporary trading symbol "CTICD" in order to inform the investment community of the reverse stock split (MTA trading symbol shall not change). The trading symbol will revert to "CTIC" on September 30, 2008.

About Cell Therapeutics, Inc.

Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit

This press release includes forward-looking statements about the potential benefits of the reverse stock split that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. Specifically, the risks and uncertainties include the possibility that our stock price may decline following the reverse split, the possibility that we may not be able to sustain a trading price adequate to maintain the listing standards for the NASDAQ Global Market even with the split, the possibility that we may not meet other criteria for continued listing on the NASDAQ Global Market in the future even if our stock price stays above the minimum bid price, as well as the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

Media Contact:

Dan Eramian

T: 206.272.4343

C: 206.854.1200

F: 206.272.4434


Investors Contact:

Ed Bell

T: 206.282.7100

Lindsey Jesch

T: 206.272.4347

F: 206.272.4434


SOURCE Cell Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Cell Therapeutics, Inc.s Second Quarter 2008 Financial Results
2. Nile Therapeutics, Inc. Reports 2008 Second Quarter Financial Results
3. Zenobia Therapeutics, Inc. Receives Michael J. Fox Foundation for Parkinsons Research Award for Work on PD-implicated Protein LRRK2
4. Cell Therapeutics, Inc. Announces Single Institutional Investor to Purchase $44.5 Million of Units Consisting of Senior Convertible Notes and Warrants
5. Zenobia Therapeutics, Inc. Begins Operations as a Fragment-Based Lead Discovery Company
6. Shareholders Approve All Matters Proposed by Cell Therapeutics, Inc. at Special Meeting in Lieu of Annual Meeting of Shareholders
7. Cell Therapeutics, Inc. Repays $11.0 million Balance of 2008 Convertible Debt
8. Cell Therapeutics, Inc. Special Meeting in Lieu of Annual Meeting of Shareholders Scheduled for Thursday, June 19, 2008
9. Cell Therapeutics, Inc. Announces Issuance of 2011 Convertible Senior Notes and Common Stock Warrants to a Single Institutional Investor
10. Anesiva and Transcription Factor Therapeutics, Inc. Announce Licensing Agreement for Development and Commercialization of NF-kappa B Clinical Program
11. Cell Therapeutics, Inc. (CTI) to Present at Rodman & Renshaw 5th Annual Global Healthcare Conference
Post Your Comments:
(Date:11/24/2015)... , ... November 24, 2015 , ... This fall, global ... competitive events in five states to develop and pitch their BIG ideas to improve ... each state are competing for votes to win the title of SAP's Teen Innovator, ...
(Date:11/24/2015)... 24, 2015 SHPG ) announced today that ... Piper Jaffray 27 th Annual Healthcare Conference in ... at 8:30 a.m. EST (1:30 p.m. GMT). --> SHPG ... will participate in the Piper Jaffray 27 th Annual Healthcare ... Tuesday, December 1, 2015, at 8:30 a.m. EST (1:30 p.m. GMT). ...
(Date:11/24/2015)... 24, 2015  Tikcro Technologies Ltd. (OTCQB: TIKRF) today announced that its ... at 11:00 a.m. Israel time, at the law ... Allon Street, 36 th Floor, Tel Aviv, Israel ... and Izhak Tamir to the Board of Directors; ... directors; , approval of an amendment to certain terms of options ...
(Date:11/24/2015)... Nov. 24, 2015  Twist Bioscience, a company ... Leproust, Ph.D., Twist Bioscience chief executive officer, will ... on December 1, 2015 at 3:10 p.m. Eastern ... City. --> --> ... Twist Bioscience is on Twitter. Sign up to ...
Breaking Biology Technology:
(Date:11/17/2015)... , Nov. 17, 2015  Vigilant Solutions announces ... joined its Board of Directors. --> ... after recently retiring from the partnership at TPG Capital, ... companies with over $140 Billion in revenue.  He founded ... across all the TPG companies, from 1997 to 2013.  ...
(Date:11/12/2015)... --  Growing need for low-cost, easy to use, ... the way for use of biochemical sensors for ... clinical, agricultural, environmental, food and defense applications. Presently, ... applications, however, their adoption is increasing in agricultural, ... on improving product quality and growing need to ...
(Date:11/9/2015)... SAN JOSE, Calif. , Nov. 9, 2015 /PRNewswire/ ... of human interface solutions, today announced broader entry into ... of vehicle-specific solutions that match the pace of consumer ... drivers, and biometric sensors are ideal for the automotive ... the vehicle. Europe , ...
Breaking Biology News(10 mins):