Cell Therapeutics repurchases stock to comply with Nasdaq rules

By Sheri Kasprzak

New York, Oct. 18 - Cell Therapeutics, Inc. has repurchased $1,132,071 of stock originally issued in a registered offering from September.

The company received a notice from Nasdaq that the offering placed the company in non-compliance with listing rules. The offering, according to a statement from Cell Therapeutics on Wednesday, put the company below the 20% threshold for the number of outstanding shares.

Following the purchase of the 1,094,000 shares and warrants for 5,660,352 shares, Cell is now in compliance with the listing rules.

In the original offering, closed Sept. 19, the company sold 23,121,387 shares at $1.73 each. The shares were sold under the company's shelf registration.

Seattle-based Cell Therapeutics develops treatments for cancer.

On Wednesday, the company's stock gained 7 cents to close at $1.69 (Nasdaq: CTIC) and gained another penny in after-hours activity.

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