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Biotech / Medical : Cell Therapeutics (CTIC)

CTIC 9.090

0.0%

Jun 26 5:00 PM EST

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From: Icebrg	3/14/2007 6:06:49 AM
	of 946

Cell Therapeutics trying yet again to hold meeting By Kirsten Orsini-Meinhard Seattle Times business reporter Seattle-based Cell Therapeutics is taking a third shot at its annual shareholders meeting after failing twice in the last year to entice a quorum of stockholders to participate. The biotech company has scheduled its meeting for April 10, aiming again to obtain at least 50.1 percent representation, as required by Washington law. About 60 percent of Cell Therapeutics' shares are held in Italy as a result of its 2004 stock-swap purchase of a publicly traded Milan company. It's dually listed on the Italian MTAX exchange and the Nasdaq. Cell Therapeutics says it has had trouble getting its Italian shareholders to participate, largely because it's not allowed to solicit proxies in Italy. It held the last unsuccessful shareholder meeting in Milan in November. Since then, the company worked on convincing banks in Italy to inform their clients of the upcoming meeting, says Chairman and CEO James Bianco. The company wants to sell an additional $200 million in common stock to fund its operations, according to a U.S. Securities and Exchange Commission filing Tuesday. "It's not a matter of what they put on the proxy," Bianco says of the Italian shareholders. "Most of them don't even know they have a proxy." If the company again fails to receive a quorum of shareholder votes, Bianco says it's considering delisting from the MTAX exchange. Cell Therapeutics also announced Tuesday that it's working with the Food and Drug Administration on the design of its phase III trial of Pixantrone, a modified chemotherapy for non-Hodgkins lymphoma. The trial is expected to enroll 300 patients. [I am not surprised. I have after almost 10 years of owning US stocks so far never ever received a proxy to vote on. They are stuck somewhere in an administrative maze]

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