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
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.
SOURCE Cell Therapeutics, Inc.
Web site: http://www.celltherapeutics.com/