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Biotech / Medical : Cell Therapeutics (CTIC)

CTIC 9.090

0.0%

Jun 26 5:00 PM EST

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To: Sam Citron who wrote (616)	3/17/2005 10:25:32 AM
From: former_pgs	Read Replies (2) of 946

Although I do not intend to draw an exact parallel between Genta and CTIC (although both are Rosenwald companies, CTIC actually has a bit of a pipeline), Genta's history following their phase III melanoma data release is pertinent. The CEO, Ray Warrell, and the CSO, Loretta Itri (Warrell's wife) purchased shares after the melanoma phase III failed (vote of confidence going into ODAC meeting right?), after the ODAC turned them down and purchased shares even after all three of their phase III trials failed to show a survival benefit. Genta's shareprice has exponentially declined throughout all of their purchases. And being an extreme pessimist about that company (for many reasons), I suggested at the time that the CEO and CSO would be reimbursed for these hopeless purchases through their year end bonus. Suffice it to say they got their money back, but shareholders didn't. It is very hard to gain confidence from transactions that are based on someone else's interpretation of the data behind a phase III trial that has failed to improve survival.

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