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.
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 www.celltherapeutics.com.
This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. These risks and uncertainties include, without limitation, the Company's ability to sustain compliance with the NASDAQ Capital Market's continued listing requirements, as well as other risks and uncertainties that could affect the Company's business operations and the development of the Company's products including the Company's ability to raise additional capital to fund its continued operations, risks associated with preclinical and clinical developments in the biopharmaceutical industry in general including, without limitation ,the Company's ability to submit an NDA in the first half of 2009 for pixantrone and gain approval in 2009, the potential failure of pixantrone to prove safe and effective for treatment of non-Hodgkin's lymphoma, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, and costs of developing, producing and selling pixantrone. You should also review the risk factors listed or described from time to time in CTI's filings with the Securities and Exchange Commission including, without limitation, CTI'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 E: firstname.lastname@example.org www.CellTherapeutics.com/press_room Investors Contact: Ed Bell T: 206.272.4345 Lindsey Jesch Logan T : 206.272.4347 F : 206.272.4434 E: email@example.com www.CellTherapeutics.com/investors
|SOURCE Cell Therapeutics, Inc.|
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