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If the Company does not regain compliance by October 6, 2008, the Staffwill notify the Company that its securities will be delisted. However, theCompany may appeal the Staff's determination to delist its securities to aListing Qualifications Panel. Alternatively, in the event the Company doesnot believe that it will be able to regain compliance, the Company intends toapply to transfer its securities to the NASDAQ Capital Market, which wouldcontinue to allow trading in the Company's securities.
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The Company has been provided 30 calendar days, or until October 6, 2008,to regain compliance. The Staff advises that such compliance can be achievedif, at any time before October 6, 2008, the market value of the listedsecurities of the Company's common stock is $50,000,000 or more for a minimumof 10 consecutive business days.
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed todeveloping an integrated portfolio of oncology products aimed at making cancermore treatable. For additional information, please visithttp://www.CellTherapeutics.com.
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This press release includes forward-looking statements that involve anumber of risks and uncertainties, the outcome of which could materiallyand/or adversely affect actual future results. Specifically, the risks anduncertainties that could affect the development of the company's productsinclude risks associated with preclinical and clinical developments in thebiopharmaceutical industry in general including, without limitation, thepotential failure of a product to prove safe and effective for treatment of aspecific condition, determinations by regulatory, patent and administrativegovernmental authorities, competitive factors, technological developments,costs of developing, producing and selling the product(s), and the riskfactors listed or described from time to time in the Company's filings withthe Securities and Exchange Commission including, without limitation, theCompany's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may berequired by law, CTI does not intend to update or alter its forward-lookingstatements whether as a result of new information, future events, orotherwise.Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 E: [email protected] http://www.CellTherapeutics.com/media.htm Investors Contact: Ed Bell T: 206.282.7100 Lindsey Jesch T: 206.272.4347 F: 206.272.4434 E: [email protected] http://investors.celltherapeutics.com/phoenix.zhtml?c=92775&p=irol-IRHome
SOURCE Cell Therapeutics, Inc.
