SEATTLE, Sept. 25 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTICD and MTA: CTIC) announced today that the Company has received a letter from The NASDAQ Stock Market confirming that it has regained compliance with the minimum bid price requirement for continued listing on The NASDAQ Global Market under Marketplace Rule 4450(a)(5). In the letter, NASDAQ stated that this matter is now closed.
The Company continues its efforts to regain compliance with NASDAQ Marketplace Rule 4450(b)(1) requiring a minimum market value of listed securities of $50 million in the time period provided by The NASDAQ Stock Market. Currently the Company has until October 6, 2008 to regain compliance with such requirement. In the event the Company does not regain compliance, it would be afforded the opportunity to meet with a NASDAQ Listing Qualifications Panel and present a plan for regaining compliance. The Company would remain listed pending the conclusion of that process and during any extension period which may be granted by the Panel. Alternatively, the Company may be able to apply to transfer to The NASDAQ Capital Market which maintains a lower threshold of financial, qualitative and liquidity requirements if it satisfies the continued inclusion requirements for that market, which include a minimum market value of listed securities of $35 million. The NASDAQ Capital Market is one of three market tier designations for NASDAQ-listed stocks and is a continuous trading market that operates in the same manner as The NASDAQ Global Market.
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 http://www.celltherapeutics.com.
This press release includes forward-looking statements about the
Company's NASDAQ listing status 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
that could affect the Company's listing status include the risks that it
may continue to be unable to meet the current requirements to regain
compliance on the NASDAQ Global Market and that it may continue to be
unable to apply to transfer to the NASDAQ Capital Market because it fails
to meet the listing requirements for such market; 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 need to
raise additional capital, risks associated with preclinical and clinical
developments in the biopharmaceutical industry in general including,
without limitation, the potential failure of a product to prove safe and
effective for treatment of a specific condition, determinations by
regulatory, patent and administrative governmental authorities, competitive
factors, technological developments, costs of developing, producing and
selling the product(s), and 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.
T : 206.272.4347
F : 206.272.4434
|SOURCE Cell Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved