SEATTLE, Sept. 6 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTICD; and MTA: CTIC) announced that today, the Company received a letter from the Listing Qualifications Staff of The NASDAQ Stock Market LLC indicating that the Company is not in compliance with the $50,000,000 minimum market value of listed securities requirement set forth in NASDAQ Marketplace Rule 4450(b)(1)(A). Furthermore, the Company does not comply with NASDAQ Marketplace Rule 4450(b)(1)(B), which is an alternative to Rule 4450(b)(1)(A), and requires total assets and revenue of $50,000,000 each for the most recently completed fiscal year or two of the last three most recently completed fiscal years.
If the Company does not regain compliance by October 6, 2008, the Staff will notify the Company that its securities will be delisted. However, the Company may appeal the Staff's determination to delist its securities to a Listing Qualifications Panel. Alternatively, in the event the Company does not believe that it will be able to regain compliance, the Company intends to apply to transfer its securities to the NASDAQ Capital Market, which would continue to allow trading in the Company's securities.
The Company has been provided 30 calendar days, or until October 6, 2008, to regain compliance. The Staff advises that such compliance can be achieved if, at any time before October 6, 2008, the market value of the listed securities of the Company's common stock is $50,000,000 or more for a minimum of 10 consecutive business days.
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/.
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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 that could affect the development of the company's products include 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, costs of developing, producing and selling the product(s), 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 law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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