Cell Therapeutics, Inc. faces new Investor Investigation

March 9, 2012 - PRLog -- An new investigation on behalf of investors in shares of Cell Therapeutics, Inc.  was announced over new potential securities laws violations by certain officers and directors at Cell Therapeutics in connection with its statements in regards to its New Drug Application for Pixuvri(TM).

If you purchased shares of Cell Therapeutics, Inc.  in 2011 or 2012, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

The new investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Cell Therapeutics, Inc.  concerning whether a series of statements regarding Cell Therapeutics’ business, its prospects and its operations were materially false and misleading at the time they were made. Specifically the new investigation focuses on

On January 30, 2012, Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) announced that it has withdrawn its New Drug Application ("NDA") for Pixuvri (pixantrone) for the treatment of relapsed or refractory aggressive non-Hodgkin's lymphoma ("NHL") in patients who failed two or more lines of prior therapy.

Cell Therapeutics, Inc said the NDA was withdrawn because, after communications with the FDA, Cell Therapeutics, Inc needed additional time to prepare for the review of the Pixuvri NDA by the FDA's Oncologic Drugs Advisory Committee at its February 9, 2012 meeting. Prior to withdrawing the NDA, Cell Therapeutics, Inc requested that the FDA consider rescheduling the review of the Pixuvri NDA to the Oncologic Drugs Advisory Committee meeting to be held in late March. The FDA was unable to accommodate Cell Therapeutics’ request to reschedule, and given the April 24, 2012 Prescription Drug User Fee Act date, the only way to have Pixuvri possibly considered at a later ODAC meeting was for CTI to withdraw and later resubmit the NDA. Cell Therapeutics said it plans to resubmit the NDA in 2012.
As a result of the withdrawal of the NDA, the FDA will no longer make a decision.

Cell Therapeutics already faces a lawsuit a filed by investors who invested in the time frame between March 25, 2008 and March 22, 2010. The plaintiff in that complaint alleges that defendants, among other things, failed to disclose that the Special Protocol Assessment (“SPA”) with theFDA  for pixantrone was invalidated in March 2008;

Shares of Cell Therapeutics, Inc. (Public, NASDAQ-CTIC) fell since its 1:6 split on May 16, 2011 from slightly over $2.20 per share to slightly $1 per share.

Those who purchased shares of Cell Therapeutics, Inc.  and currently hold those NASDAQ-CTIC shares, may have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.