SEATTLE, April 10 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) announced that in a special meeting today shareholders approved the proxy proposal amending and restating the Company’s articles of incorporation to increase the number of authorized shares from 210 million to 410 million and to increase the number of authorized shares of common stock from 200 million to 400 million. A majority of shares was represented and the proxy proposal was approved with more than 97 percent of the shares voting in favor of the proposal.
As previously announced, on April 15, the expected effective date of the one-for-four reverse stock split of common shares, the authorized shares of common stock will be 100 million with approximately 40 million shares issued and outstanding.
“I believe the high percentage of shares voted in favor of the proposal is a strong vote of confidence,” said Louis A. Bianco, Chief Financial Officer of CTI. “The increase in the number of authorized shares of common stock provides CTI with flexibility to undertake transactions to support our future business growth, including potential product acquisitions, partnerships, or financings. I would like to thank all of our shareholders who returned their proxies for their support.”
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 www.cticseattle.com.
This press release includes forward-looking statements 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 include risks related to the impact of the increase in authorized shares of stock and the future business growth of the company as well as 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.
Contact: Dan Eramian, +1-206-272-4343, or cell, +1-206-854-1200, or Susan Callahan, +1-206-272-4472, or fax, +1-206-272-4434, or media@ctiseattle.com, or Investors, Leah Grant, +1-206-282-7100, or fax, +1-206-272-4434, or invest@ctiseattle.com, all of Cell Therapeutics, Inc.
Cell Therapeutics, Inc.
CONTACT: Dan Eramian, +1-206-272-4343, or cell, +1-206-854-1200; or SusanCallahan, +1-206-272-4472, or fax, +1-206-272-4434, ormedia@ctiseattle.com; or Investors, Leah Grant, +1-206-282-7100, or fax,+1-206-272-4434, or invest@ctiseattle.com, all of Cell Therapeutics, Inc.
Web site: http://www.cticseattle.com//
