SEATTLE, April 3 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) announced today that on April 2, 2009, CTI received notice from The NASDAQ Stock Market ("NASDAQ") indicating that the company has evidenced full compliance with all applicable requirements for continued listing on The NASDAQ Capital Market. The notice followed CTI's compliance with the minimum $35 million market value of listed securities requirement for a minimum of ten consecutive trading days, as required by Marketplace Rule 4310(c)(3). As of April 1, 2009, the company's market capitalization was $113,287,573.
"We are pleased to have regained compliance with The NASDAQ Capital Market listing standards as the result of the increase in our share price, which we believe is attributable to the progress we continue to make in our drug development programs," said James A. Bianco, M.D., CEO of Cell Therapeutics. "We look forward to adding greater shareholder value through our submission of a New Drug Application (NDA) for pixantrone for aggressive relapse non-Hodgkin's lymphoma in the second quarter of 2009 and potential approval this year, in addition to other strategic business initiatives we are currently pursuing."
As disclosed on September 6, 2008 and October 10, 2008, the company was previously notified by NASDAQ regarding its non-compliance with the $50 million market value of listed securities requirement for continued listing on The NASDAQ Global Market. At the company's request, on January 6, 2009, the NASDAQ Listing Qualifications Panel determined to transfer the listing of the company's common stock from The NASDAQ Global Market to The NASDAQ Capital Market, subject to the company demonstrating compliance with all applicable requirements for continued listing on The NASDAQ Capital Market, which deadline was extended to April 6, 2009. The matter is now closed.
About Cell Therapeutics, Inc.
|SOURCE Cell Therapeutics, Inc.|
Copyright©2009 PR Newswire.
All rights reserved