Cell Therapeutics (CTIC) Message Board

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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	5/10/2008 4:06:06 AM
	of 946

CTI hopes to reverse split its stock (again) [Get rid of Bianco would be a much better way of getting things on an even keel] Cell Therapeutics, which has seen its stock tumble over the past year to under $1 and therefore faces possible delisting from the Nasdaq stock exchange, is asking its shareholders to approve a proposal that would allow the company's directors to reverse split its stock in the range of one-for-two to one-for-ten. Read the company's proxy statement filed with the Securities and Exchange Commission here. The possibility of a reverse stock split once again emphasizes Cell Therapeutics' lagging stock price. The company has had to issue more stock in order to raise funds, thus diluting the values of its existing shares. On Thursday, Cell Therapeutics posted a $54.6 million loss for the first quarter. Its market value is just over $63 million. Just over a year ago, in April 2007, Cell Therapeutics reverse split its stock. At the time, according to a press release, CEO James Bianco said: A reverse split coupled with the significant phase III product and regulatory milestones we anticipate achieving this year could have a significant benefit by making the stock more available to a wider cross section of institutional fund investors. The Board's decision is one component of management's commitment to bringing our capital structure and balance sheet in line with other pre-commercial stage companies. In the Thursday filing, Cell Therapeutics offers the same reason (among others) for the reverse stock split, stating that it could: ... help to attract institutional investors who have internal policies that either prohibit them from purchasing stocks below a certain minimum price or tend to discourage individual brokers from recommending such stocks to their customers. blog.seattlepi.nwsource.com

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