SEATTLE, Feb. 11 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) announced today that the Borsa Italiana, which is the entity that governs the trading of the Company's common stock on the MTA stock market in Milan, Italy, suddenly suspended trading of the Company's shares in Italy on February 10th. As a result of the suspension of trading by the Borsa Italiana, the security has additionally been halted on the NASDAQ Stock Market pursuant to Marketplace Rule 4120(a)(4) when a security is also registered on a foreign securities exchange and the foreign securities exchange halts trading in such security for regulatory reasons. We have not been advised of any independent basis for NASDAQ's decision to halt trading.
The Company's common stock has traded on the MTA since 2004 and is thus required to comply with the rules and regulations of the Commissione Nazionale per le Societe e la Borsa, or CONSOB, which is the public authority responsible for regulating the Italian securities markets and the Borsa Italiana, which oversees the trading market in Italy. Collectively these agencies regulate companies listed on Italy's public markets. The Company has responded to numerous requests by both the Borsa Italiana and CONSOB to provide additional clarifications about its business operations and financial condition, and the Company has met with CONSOB on several occasions, most recently on February 6th, to answer such questions. As in the past, the Company believes it has complied with CONSOB's requests to issue additional press releases in Italy and if required filed as Form 8-K in the US clarifying the information contained in the Company's SEC filings and press releases and the Company is committed to continuing to do so. The Company is waiting for clarification from the Borsa Italiana and CONSOB as to what additional information or action the Company must take, if any, for the Borsa Italiana to resume trading in Italy. The Company believes that it is currently in compliance with all undertakings for filing and reporting obligations in Italy as agreed with the Borsa Italiana and CONSOB when the shares were accepted for listing in Italy.
The Company is diligently working with the Borsa Italiana, CONSOB and the NASDAQ Stock Market to have one or both markets resume trading in the Company's common stock.
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 contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company may not be able satisfy the Italian regulatory authorities requests for information; the Borsa Italiana may choose not to lift the trading halt in Italy; the Company's current extension of time to comply with the NASDAQ listing requirements may not be extended by the NASDAQ Qualification Panel and the Company may be delisted by NASDAQ; the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.
Media Contact:
Dan Eramian
T: 206.272.4343
C: 206.854.1200
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