Published:
Cell Therapeutics to Request a Hearing With NASDAQ Following Receipt of Staff Determination Letter
SEATTLE, Oct. 10 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI)
(Nasdaq and MTA: CTIC) announced today that the Company intends to request a
hearing with the NASDAQ Listing Qualifications Panel to present a plan for
regaining compliance with NASDAQ Marketplace Rule 4450(b)(1)(A), which
requires a minimum market value of listed securities of $50 million. CTI
received a Staff Determination Letter from The NASDAQ Stock Market LLC on
October 7, 2008 indicating that the Company had not regained compliance with
this rule during the time period provided by NASDAQ in a previous notice as
disclosed in the Company's press release dated September 6, 2008, and
therefore does not currently meet the continued listing requirements for The
NASDAQ Global Market. Accordingly, the Company's common stock would be subject
to delisting from The NASDAQ Global Market unless the Company requests a
hearing before the NASDAQ Listing Qualifications Panel. Following the hearing
request, the Company's common stock will continue to be listed on The NASDAQ
Stock Market pending the conclusion of the hearing process and during any
extension period which may be granted by the Panel. It is expected that the
hearing would be held within 45 days and that the Panel has discretion to
grant an extension not to exceed 180 days from the date of the Staff
notification. The Company believes that the notice and any decision by the
Panel will have no effect on the ability to trade the securities on the Borsa
Italiana.
Alternatively, the Company may apply to transfer its securities 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 aggregate market value
of listed securities of $35 million. The NASDAQ Capital Market is a continuous
trading market that operates in the same manner as The NASDAQ Global Market.
As of October 9, 2008, the Company had 33,697,371 shares of common stock
outstanding, which would result in a market value of listed securities of
$17.5 million based on the closing bid of $0.52 of the Company's common stock
on the NASDAQ Global Market on October 9, 2008.
About Cell Therapeutics, Inc.
Headquartered inSeattle, 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, that it may not be successful in obtaining a hearing before the NASDAQ
Listing Qualifications Panel or in obtaining any extension from such Panel,
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.
Contact:
Dan Eramian
T: 206.272.4343
C: 206.854.1200
E: deramian@ctiseattle.com
SOURCE Cell Therapeutics, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: ,HEA,MTC,BIO,WA-Cell-Therapeutics
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