SEATTLE, Feb. 11 Cell Therapeutics, Inc.(Nasdaq and MTA: CTIC) announced today that the Borsa Italiana, which is theentity that governs the trading of the Company's common stock on the MTA stockmarket in Milan, Italy, suddenly suspended trading of the Company's shares inItaly on February 10th. As a result of the suspension of trading by the BorsaItaliana, the security has additionally been halted on the NASDAQ Stock Marketpursuant to Marketplace Rule 4120(a)(4) when a security is also registered ona foreign securities exchange and the foreign securities exchange haltstrading in such security for regulatory reasons. We have not been advised ofany independent basis for NASDAQ's decision to halt trading.
The Company's common stock has traded on the MTA since 2004 and is thusrequired to comply with the rules and regulations of the Commissione Nazionaleper le Societe e la Borsa, or CONSOB, which is the public authorityresponsible for regulating the Italian securities markets and the BorsaItaliana, which oversees the trading market in Italy. Collectively theseagencies regulate companies listed on Italy's public markets. The Company hasresponded to numerous requests by both the Borsa Italiana and CONSOB toprovide additional clarifications about its business operations and financialcondition, and the Company has met with CONSOB on several occasions, mostrecently on February 6th, to answer such questions. As in the past, theCompany believes it has complied with CONSOB's requests to issue additionalpress releases in Italy and if required filed as Form 8-K in the US clarifyingthe information contained in the Company's SEC filings and press releases andthe Company is committed to continuing to do so. The Company is waiting forclarification from the Borsa Italiana and CONSOB as to what additionalinformation or action the Company must take, if any, for the Borsa Italiana toresume trading in Italy. The Company believes that it is currently incompliance with all undertakings for filing and reporting obligations in Italyas agreed with the Borsa Italiana and CONSOB when the shares were accepted forlisting in Italy.
The Company is diligently working with the Borsa Italiana, CONSOB and theNASDAQ Stock Market to have one or both markets resume trading in theCompany's common stock.
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 contains forward-looking statements that involve anumber of risks and uncertainties, the outcome of which could materiallyand/or adversely affect future results. The risks and uncertainties includethat the Company may not be able satisfy the Italian regulatory authoritiesrequests for information; the Borsa Italiana may choose not to lift thetrading halt in Italy; the Company's current extension of time to comply withthe NASDAQ listing requirements may not be extended by the NASDAQQualification Panel and the Company may be delisted by NASDAQ; the Company'soperating expenses continue to exceed its net revenues and the Company willcontinue to need to raise capital to fund its operating expenses; as well asother risks listed or described from time to time in the Company's most recentfilings 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 pressrelease upon further developments.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.