SEATTLE, Sept. 25 Cell Therapeutics, Inc. (CTI)(Nasdaq: CTICD and MTA: CTIC) announced today that the Company has received aletter from The NASDAQ Stock Market confirming that it has regained compliancewith the minimum bid price requirement for continued listing on The NASDAQGlobal Market under Marketplace Rule 4450(a)(5). In the letter, NASDAQ statedthat this matter is now closed.
The Company continues its efforts to regain compliance with NASDAQMarketplace Rule 4450(b)(1) requiring a minimum market value of listedsecurities of $50 million in the time period provided by The NASDAQ StockMarket. Currently the Company has until October 6, 2008 to regain compliancewith such requirement. In the event the Company does not regain compliance,it would be afforded the opportunity to meet with a NASDAQ ListingQualifications Panel and present a plan for regaining compliance. The Companywould remain listed pending the conclusion of that process and during anyextension period which may be granted by the Panel. Alternatively, the Companymay be able to apply to transfer to The NASDAQ Capital Market which maintainsa lower threshold of financial, qualitative and liquidity requirements if itsatisfies the continued inclusion requirements for that market, which includea minimum market value of listed securities of $35 million. The NASDAQ CapitalMarket is one of three market tier designations for NASDAQ-listed stocks andis a continuous trading market that operates in the same manner as The NASDAQGlobal Market.
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.
This press release includes forward-looking statements about the Company'sNASDAQ listing status that involve a number of risks and uncertainties, theoutcome of which could materially and/or adversely affect actual futureresults. Specifically, the risks and uncertainties that could affect theCompany's listing status include the risks that it may continue to be unableto meet the current requirements to regain compliance on the NASDAQ GlobalMarket and that it may continue to be unable to apply to transfer to theNASDAQ Capital Market because it fails to meet the listing requirements forsuch market; as well as other risks and uncertainties that could affect theCompany's business operations and the development of the Company's productsincluding the Company's need to raise additional capital, risks associatedwith preclinical and clinical developments in the biopharmaceutical industryin general including, without limitation, the potential failure of a productto prove safe and effective for treatment of a specific condition,determinations by regulatory, patent and administrative governmentalauthorities, competitive factors, technological developments, costs ofdeveloping, producing and selling the product(s), and the risk factors listedor described from time to time in the Company's filings with the Securitiesand Exchange Commission including, without limitation, the Company's mostrecent 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 whetheras a result of new information, future events, or otherwise.Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 E: [email protected]
http://www.CellTherapeutics.com/press_room Investors Contact: Ed Bell T: 206.272.4345 Lindsey Jesch T : 206.272.4347 F : 206.272.4434 E: [email protected]
SOURCE Cell Therapeutics, Inc.