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Companies -
Biotechnology Companies
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Written by Hugh McManus
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Tuesday, 11 May 2010 12:15 |
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Cell Therapeutics is going to hold a board meeting this Friday, May 14. It's the second attempt to hold a meeting. On April 9, the shareholder meeting collapsed for lack of a quorum. Cell Therapeutics is an emerging pharmaceutical company based in Seattle, Washington. The company was once a high flyer, with its share price surging into the stratosphere. Today the company is fighting for its survival. The meeting on Friday will be a request by the board to amend the articles of incorporation and allow them company to further dilute its shares, increasing the number authorized by 50%. With these extra four hundred million shares, the company hopes to raise cash to survive. At the current share price, accounting of the dilutive effect, etc., the company would be lucky to raise $20 to $30 million: it's a tough market out there, even for excellent companies; CTIC is going to find it really, really, tough. It generated a loss of around $44 million in the most recent quarter. The problems started on April 9, when the FDA turned down its NDA application requesting an additional clinical trial. It's a problem, but if the company can put together another convincing trial, it may be able to scrape through the approval process. For now, I think CTIC is to be avoided. If the company behaves like wounded biotechs in a similar situation, there will be ample opportunities to buy the stock at depressed prices in the coming months. If it can pull off a successful Phase III trial and successful refile, CTIC could be a buying opportunity some time in the future. I'll keep watching the company.
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