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Cell Therapeutics shares fall after going-concern doubt
March 1, 2010 / 11:47 AM / 8 years ago

Cell Therapeutics shares fall after going-concern doubt

March 1 (Reuters) - Shares of Cell Therapeutics (CTIC.O) fell about 9 percent before the bell Monday, after the company said late Friday that its auditors had expressed “substantial doubt” about its ability to continue as a going concern.

In its 2009 annual report filed with the U.S. Securities and Exchange Commission, the company said it does not expect that its existing cash and equivalents will provide sufficient working capital to fund operations through the third quarter of 2010.

    As of Dec. 31, the company had cash and equivalents of $37.8 million.

    Last month, U.S. drug reviewers questioned effectiveness data for the company’s experimental lymphoma drug and said the medicine had substantial side effects. [ID:nN05157497]

    Shares of Cell Therapeutics were trading at 61 cents before the bell, down from Friday’s close of 67 cents on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Mike Miller)

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