Dallas, Texas 02/24/2014 (FINANCIALSTRENDS) – The $379 million market capped, development stage drug maker Cell Therapeutics Inc (NASDAQ:CTIC) has reported that it has decided to bring on board the “President and CEO of America’s Health Insurance Plans” Ms Karen Ignagni , in its efforts to align its new drug development efforts in line with the needs of the U.S patients and the health care investors. The America’s Health Insurance Plans group is an association of U.S health care plan providers, who together serve the health needs of close to 200 million U.S citizens.
Welcoming Ms Ignagni to the board, Cell Therapeutics Inc (NASDAQ:CTIC) president and Chief executive Mr James A. Bianco, M.D. indicated that they would be seeking to gain from the in-depth knowledge of the health care industry going forward. Expressing her enthusiasm to contribute to the growth of the firm, Cell Therapeutics Inc (NASDAQ:CTIC) newest board member Karen Ignagni has been quoted to have said that, “I am pleased to join CTI’s board of directors at this important point when the company has exciting late-stage clinical development programs underway and a clear vision to improve the effectiveness and lessen the burden of patients’ cancer treatment. I look forward to working with management and the board and contributing to the future direction of the company.”
The need for the development phase drug firm to bring in a representative of the health care provider community indicates the seriousness with which the drug maker is approaching developing products which are aligned to meet the changed needs of today’s health care industry in the after math of the Obhama care. The drug maker has accumulated net loss of $78 million over the trailing 12 months and has logged in sales of $1.8 million in the same period. The stock is currently trading at $3.42 per share, which is 19.5 percent below its 52 week high price point.