Cell Therapeutics, Inc.'s (CTI) Board of Directors Approves
Amendment of Shareholder Rights Plan
SEATTLE, Dec. 10, 2012 /PRNewswire/ -- Cell
Therapeutics, Inc. (CTI) (NASDAQ: CTIC and MTA: CTIC) today
announced that its Board of Directors has approved certain
amendments to CTI's existing shareholder rights plan ("Rights
Plan") to decrease the exercise price of the preferred stock
purchase rights ("Rights") under the Rights Plan from $14.00 to $8.00 and to extend the "final
expiration date" from the close of business on the third
anniversary of January 7, 2010 (the
"Record Date"), to the close of business on December 3, 2015. The Rights were initially
distributed as a dividend on each share of CTI's common stock
outstanding on the Record Date and currently trade with each
outstanding share of CTI's common stock.
About Cell Therapeutics, Inc.
Cell Therapeutics (Nasdaq and MTA: CTIC) is a biopharmaceutical
company committed to the development and commercialization of an
integrated portfolio of oncology products aimed at making cancer
more treatable. CTI is headquartered in Seattle, WA. For additional information and to
sign up for email alerts and get RSS feeds, please visit
www.CellTherapeutics.com.
This press release includes forward-looking statements that
involve a number of risks and uncertainties, the outcomes of which
could materially and/or adversely affect actual future results and
the market price of CTI's securities, including, but not limited
to, statements regarding amendments to CTI's Rights Plan.
Specifically, the risks and uncertainties include that CTI cannot
guarantee that the Rights Plan, as amended, will deter any coercive
takeover tactics; CTI's ability to continue to raise capital as
needed to fund its operations; risks related to competitive
factors, technological developments, costs of developing,
producing, and selling CTI's product candidates; and the risk
factors listed or described from time to time in CTI's filings with
the Securities and Exchange Commission including, without
limitation, CTI's most recent filings on Forms 10-K, 10-Q and 8-K.
Except as may be required by law, CTI does not intend to update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise.
Contacts:
Monique
Greer
+1 206.272.4343
mgreer@ctiseattle.com
Ed Bell
+1 206.282.7100
invest@ctiseattle.com
SOURCE Cell Therapeutics, Inc.