As reported in Xconomy, Cell Therapeutics has received shareholder approval to sell another 400 M shares to hopefully raise enough money to stay in business. Five time is a charm - as four previous attempts to get permission to sell had failed. The company has no products and no other sources of cash -- and continues to burn money.
Shareholders finally relented but what other choice do they really have? CTI has already burned through $1.5 B of investor money since 1991 and was soundly thrashed at the FDA hearing on its latest product (pixatrone) in April 2010. This latest move would seem to be one of too little, too late.
Posted by Bruce Lehr September 17th 2010.
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