Cell Therapeutics gets OK to sell more shares

With its options running out, the financially strapped Cell Therapeutics (CTIC) has won shareholder approval for a plan to sell another 400,000 shares to keep the biotech afloat for now. Without fresh funds, Cell Therapeutics has said that it would burn through all of its cash by the end of the year. The developer's program for the cancer drug pixantrone was harshly criticized by leading FDA staffers earlier this year for failing to recruit even half of the patients that had been planned for in a pivotal trial. However, as Xconomy notes, analysts have been quick to point out that any fresh infusion of money from sales of stock will only buy the company some additional time without improving its chances of long-term success. Its stock closed at 38 cents yesterday. Report

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