NASDAQ is giving Cell Therapeutics ($CTIC) another 180 days to regain compliance with Nasdaq's $1.00 minimum bid price rule. This is Cell Therapeutics second warning; In early May, Nasdaq notified the company that it was trading below the minimum price and had six months to achieve compliance. The developer's stock has been below the $1 mark since March 22.
Cell Therapeutics was recently hit with an FDA rejection of its drug pixantrone for the treatment of relapsed/refractory aggressive non-Hodgkin's. The FDA rejection was based was the result of questions about whether the drug was effective and concerns that Cell Therapeutics managed to enroll only 140 of a planned 320 patients in the trial. The developer, which is conducting a new trial of the drug, plans to appeal the FDA's decision.
- here's Cell Therapeutics' release