After years of burning through investor dollars and racking up a few controversies, Seattle’s Cell Therapeutics Inc. may be poised to reap something few critics imagined: vindication.
On Monday, the company will execute a six-to-one reverse stock split that will temporarily change its ticker symbol on the Nasdaq Capital Market from “CTIC” to “CTICD.” The new symbol will last about a month.
The split is necessary to raise the company’s stock price above $1 a share (it now sits at $0.27) and avoid delisting by the Nasdaq. If it were delisted, Cell Therapeutics would have a difficult challenge raising additional investor capital in order to continue operating.
The company got some potentially good long-term financial news earlier this month. Cell Therapeutics successfully petitioned the Food & Drug Administration’s Office of New Drugs to reconsider the FDA’s rejection of its anti-tumor drug Pixantrone. The company plans to resubmit Pixantrone data under a new application that could be approved by the first quarter of next year.
UPDATE: Adam Feuerstein of The Street says the FDA decision amounts to a second rejection of Pixantrone and that the company's plan to resubmit the drug will face the same FDA office that has already rejected it.
And European regulators will weigh in with their recommendation during the final quarter of this year. So if all goes well — and honestly that is a big if — the company could have a revenue-generating product next year.
In December I reported that 2011 would be a make or break year for Cell Therapeutics due to a series of critical milestones (the Pixantrone appeal and Nasdaq delisting warning were tops on the list).
Now that company CEO James Bianco has a plan in place — one that could lead it to success and at least some level of vindication — we’ll see how the company performs.
Look for more news on Cell Therapeutics’ reverse stock split here next week.
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发表于 24-2-2011 11:24 PM
我並不是神通廣大。。 只要是有留意圖表/新聞就會知道了。
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