SEATTLE, Feb. 2 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) announced that its Board of Directors has authorized a one-for-four reverse split of its common stock. The Company expects the reverse stock split will take effect on April 2, 2007.
"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," said James A. Bianco, M.D., President and CEO.
"This action along with working with Borsa Italiana and Italian banks will help assure we have the currency to expand our pipeline through additional product or Company acquisitions," Bianco added.
The reverse split will affect all shares of CTI's common stock, including underlying stock options and other convertible instruments outstanding immediately prior to the effective time of the reverse split.
Upon the effectiveness of the reverse stock split, CTI shareholders will receive one new share of CTI common stock for every four shares they hold. CTI's common stock will begin trading on a split-adjusted basis on or about April 2, 2007.
About Cell Therapeutics, Inc.
Headquartered in Seattle, 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.cticseattle.com.
This press release includes forward-looking statements about our product and regulatory milestones we anticipate this year as well as the potential benefits of the split 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 product and regulatory milestones and beneficial effects of the stock split include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and with XYOTAX and pixantrone in particular including, without limitation, the potential failure of such products to prove safe and effective for treatment of their respective indications, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, producing and selling XYOTAX and pixantrone, the ability to raise additional capital as needed to fund such development, 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 Italian law, CTI is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
Cell Therapeutics, Inc.CONTACT: Media: Dan Eramian, +1-206-272-4343 or cell, +1-206-854-1200, orSusan Callahan, +1-206-272-4472 or fax, +1-206-272-4434,media@ctiseattle.com, or Investors: Leah Grant, +1-206-282-7100 or fax,+1-206-272-4434, invest@ctiseattle.com, all of Cell Therapeutics, Inc.
Web site: http://www.cticseattle.com//
