Navigation Links
Cell Therapeutics Announces Planned Reverse Stock Split; Receives NASDAQ Notice of Non-Compliance; Intends to Request Hearing

SEATTLE, May 6, 2011 /PRNewswire/ -- Cell Therapeutics, Inc. (the "Company") (NASDAQ and MTA: CTIC) today announced that the Company's Board of Directors (the "Board") approved a reverse stock split following the Company's receipt on May 3, 2011 of a notification of non-compliance from the staff of The NASDAQ Stock Market LLC (the "NASDAQ").  The notification stated that the Company has not regained compliance with NASDAQ Listing Rule 5550(a)(2) because the Company's common stock (the "Common Stock") did not maintain a minimum closing bid price of $1.00 per share over a period of at least ten consecutive business days ending on or prior to May 2, 2011.  As a result of the notification of non-compliance, the Common Stock is subject to delisting unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel (the "Panel").  Accordingly, the Company plans to timely request a hearing before the Panel, thereby allowing the Common Stock to continue to trade on The NASDAQ Capital Market pending the issuance of the Panel's decision following the hearing.

The Company expects that the hearing will be held within 45 days. At the hearing, the Company will present a plan for achieving compliance with the NASDAQ listing requirements, which will include the implementation of the reverse stock split approved by the Board.  The Company anticipates that it will have already effected the reverse stock split by the time of the hearing.  Notwithstanding the reverse stock split, there can be no assurance that the Panel will grant the Company's request for continued listing on The NASDAQ Capital Market.  In determining whether the Company has regained compliance with the $1.00 per share minimum closing bid price requirement, the NASDAQ will require a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days and may, under the NASDAQ Listing Rules, elect to monitor the trading price of the Common Stock for as long as 20 business days.

It is presently anticipated that the reverse stock split will become effective on or about May 15, 2011. Upon the effectiveness of the reverse stock split, each of the Company's shareholders will receive one new share of Common Stock in exchange for every six shares such shareholder holds. The Common Stock will begin trading on a split-adjusted basis on the Mercato Telematico Azionario stock market (the "MTA") in Italy and The NASDAQ Capital Market in the United States on May 16, 2011. On The NASDAQ Capital Market, trading of the Common Stock will appear under the temporary trading symbol "CTICD" in order to inform the investment community of the reverse stock split. The Company's trading symbol will revert to "CTIC" on or about June 13, 2011.  The Company's trading symbol on the MTA will not change due to the reverse stock split.

The reverse stock split will affect all outstanding and authorized shares of the 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 stock split.

About Cell Therapeutics, Inc.

Headquartered in Seattle, the Company 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 that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of the Company's securities. Specifically, the risks and uncertainties that could the Company include risks associated with preclinical and clinical developments in the biopharmaceutical industry, including, without limitation, that the Company may experience unexpected delays in the regulatory approval process of its products, the Company's ability to continue to raise capital as needed to fund its operations, that the Panel may not grant the Company's request for continued listing on The NASDAQ Capital Market, that the Common Stock may not continue trading on The NASDAQ Capital Market pending the outcome of the hearing, that if the Panel grants the Company a hearing, the hearing may not be held within 45 days, that the Company may not regain compliance with the NASDAQ listing requirements by the time of the Panel hearing, that the Panel may not grant the Company additional time within which to regain compliance with the NASDAQ listing requirements, that the reverse stock split may not increase the per-share-trading price of the Common Stock to regain compliance with the NASDAQ listing requirements for continued listing on The NASDAQ Capital Market, competitive factors, technological developments, costs of developing, producing and selling the Company's product candidates, 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, 10-Q and 8-K. Except as may be required by law, the Company 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: 206.272.4345
Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434

SOURCE Cell Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. Allos Therapeutics Initiates Study of PDX in Patients with Cutaneous T-Cell Lymphoma
3. Amicus Therapeutics Announces Second Quarter 2007 Financial Results
4. TorreyPines Therapeutics Completes Patient Enrollment in Phase IIb Clinical Trial of Tezampanel for the Treatment of Acute Migraine Headache
5. CV Therapeutics Announces Eight Abstracts Accepted for Presentation at the European Society of Cardiology Congress 2007
6. Pharmacopeia Assists the World Health Organization in the Discovery of Novel Therapeutics for the Treatment of Malaria
7. Protalix BioTherapeutics Treats First Patient in Phase III Clinical Trial of prGCD
8. TorreyPines Therapeutics Initiates a Phase I Multiple Dose Clinical Trial of Tezampanel
9. TorreyPines Therapeutics Completes Phase I Multiple Dose Clinical Trial of NGX267, a Selective M1 Agonist for the Potential Treatment of Cognitive Impairment Associated with Schizophrenia
10. Cell Therapeutics, Inc. (CTI) Launches Phase III Study for Pixantrone in Relapsed Indolent Non-Hodgkins Lymphoma (NHL)
11. Cell Therapeutics, Inc. (CTI) Sponsors Panel Discussion on Women and Lung Cancer on Capitol Hill
Post Your Comments:
(Date:10/13/2015)... , Oct. 13, 2015   Micell Technologies ... DESSOLVE I and II trials of its MiStent Sirolimus ... ® ) were presented at the 27th Annual ... San Francisco , October 11-15. TCT ... cardiovascular medicine. MiStent SES was designed to optimize vessel ...
(Date:10/13/2015)... -- Health Gorilla ( ) today announced the launch ... secure platform for clinical data and communications poised to change ... healthcare in the US. The launch follows the closing of ... of $4.4M raised to date, with Data Collective ... Harris Barton , Orfin Ventures and ...
(Date:10/13/2015)... 2015 China Jo-Jo Drugstores, Inc. ... "), a leading China-based retail, wholesale and online distributor ... online and retail pharmacies, announced preliminary half year fiscal ... pharmacy through , growing 438% year over ... China Jo-Jo,s online sales are ...
Breaking Medicine Technology:
(Date:10/13/2015)... ... ... In an age where the cost of energy is rising, Susquehanna Health’s ... 2009. The Williamsport Regional Medical Center (WRMC) campus has grown 50 percent since 2010, ... , According to Facilities Management Administrative Director Dieter Reichmann, this is the result of ...
(Date:10/13/2015)... ... October 13, 2015 , ... A child without a healthy mouth is ... the leading remote invisible aligner system, has joined with Global Dental Relief ... For each aligner treatment plan purchased, SmileCareClub will donate one clinic visit to a ...
(Date:10/13/2015)... (PRWEB) , ... October 13, 2015 , ... Scientists in ... tissue biopsy in 18 patients with or without mesothelioma. Surviving Mesothelioma has just posted ... , The doctors from PhenoPath Laboratories in Seattle and the University of British Columbia ...
(Date:10/13/2015)... Miami, FL (PRWEB) , ... October 13, 2015 , ... ... announces the Driveway Snow Blanket, a snow melting invention that helps people in clearing ... $17 billion and will continue to grow at 3.8% per year," says Scott Cooper, ...
(Date:10/13/2015)... ... October 13, 2015 , ... With Fall weather approaching and holiday travel season ... Facebook Hair Styler Contest. , Enter to win! , How to Enter:, 1. ... Favorite Hair Style? , 3. Follow us on Instagram @thebeautyplace , 4. Share ...
Breaking Medicine News(10 mins):