Cell Therapeutics Announces Receipt of NASDAQ Panel Decision to Transfer to
NASDAQ Capital Market
SEATTLE, Jan. 7 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI)
(Nasdaq and MTA: CTIC) announced today that it has received notification that
the NASDAQ Listing Qualifications Panel has granted CTI's request to transfer
the listing of its common stock from The NASDAQ Global Market to The NASDAQ
Capital Market, which will be effective with the open of trading on Thursday,
January 8, 2009. CTI's shares will continue to trade under the ticker symbol
CTIC.
CTI's continued listing on The NASDAQ Capital Market is subject to CTI
evidencing compliance with all applicable requirements for continued listing
on The NASDAQ Capital Market, including the $35 million market value of listed
securities requirement or its alternatives, as set forth in NASDAQ Marketplace
Rule 4310(c)(3), by February 12, 2009. The Company expects to comply with all
applicable requirements for continued listing on The NASDAQ Capital Market by
February 12, 2009; however, there can be no assurance that it will be able to
do so.
As disclosed on September 6 and October 10, 2008, CTI was previously
notified by NASDAQ regarding its non-compliance with the $50 million market
value of listed securities requirement for continued listing on The NASDAQ
Global Market. In response, CTI appeared before the NASDAQ Listing
Qualifications Panel at a hearing at which it requested the transfer of its
listing to The NASDAQ Capital Market pursuant to its plan to evidence
compliance with the $35 million market value of listed securities requirement
for continued listing on that market.
The NASDAQ Capital Market is one of the three market tier designations for
NASDAQ-listed stocks and operates in substantially the same manner as The
NASDAQ Global Market. Securities listed on The NASDAQ Capital Market must
satisfy all applicable qualification requirements for NASDAQ securities, and
companies listed on The NASDAQ Capital Market must meet certain financial
requirements and adhere to NASDAQ's corporate governance standards.
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.celltherapeutics.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. These risks and uncertainties
include, without limitation, the Company's ability to achieve compliance with
the NASDAQ Capital Market's continued listing requirements by February 12,
including the market value of listed securities requirement, as well as other
risks and uncertainties that could affect the Company's business operations
and the development of the Company's products including the Company's need to
raise additional capital, risks associated with preclinical and clinical
developments in the biopharmaceutical industry in general including, without
limitation, the potential failure of a product to prove safe and effective for
treatment of a specific condition, determinations by regulatory, patent and
administrative governmental authorities, competitive factors, technological
developments, and costs of developing, producing and selling the product(s).
You should also review the risk factors listed or described from time to time
in CTI's filings with the Securities and Exchange Commission including,
without limitation, CTI's most recent filings on Forms 10-K, 8-K, and 10-Q.
Except as may be required by law, CTI does not intend to update or alter its
forward-looking statements whether as a result of new information, future
events, or otherwise.
Media Contact:
Dan Eramian
T: 206.272.4343
C: 206.854.1200
E: media@ctiseattle.com
http://www.CellTherapeutics.com/press_room
Investors Contact:
Ed Bell
T: 206.272.4345
Lindsey Jesch Logan
T : 206.272.4347
F : 206.272.4434
E: invest@ctiseattle.com
http://www.CellTherapeutics.com/investors
SOURCE Cell Therapeutics, Inc.
Media, Dan Eramian, +1-206-272-4343, cell, +1-206-854-1200,
media@ctiseattle.com, or Investors, Ed Bell, +1-206-272-4345, or Lindsey Jesch
Logan, +1-206-272-4347, fax, +1-206-272-4434, invest@ctiseattle.com, all of
Cell Therapeutics, Inc.
