Cell Therapeutics Inc. (NASDAQ:CTIC) shares down by 5.41%


Boston, MA, 07/01/2013 (financialstrend) – Cell Therapeutics Inc. (NASDAQ:CTIC) had recently announced the results of its annual shareholders’ meeting held by the company on June 26, 2013, Wednesday. At the meeting, the shareholders had approved an amendment made to the articles of incorporation of the company through which the number of authorized shares and authorized shares of common stock can now be increased.

Further, the number of shares offered for issuance under the 2007 Equity Incentive Plan of Cell Therapeutics Inc. (NASDAQ:CTIC) had also been authorized to be increased by the shareholders. The selection of Marcum LLP to serve as the independent auditors for the company for the fiscal year ending on December 31, 2013 had also been ratifies by the shareholders. They had also elected John H. Bauer, Reed V. Tuckson and Phillip M. Nudelman to serve on the board of directors till 2016.

Shares of Cell Therapeutics Inc. (NASDAQ:CTIC) declined by 5.41 percent to close at $1.05 on Friday. The opening price for the stock was at $1.09 per share and thereafter fluctuated between $1.05 and $1.16 throughout the day. The 52 week low price of Cell Therapeutics Inc. (NASDAQ:CTIC) is at $1.02 and 52 week high is at $3.94 per share.

With around 112.64 million shares outstanding in the market, Cell Therapeutics Inc. (NASDAQ:CTIC) presently has a market cap of $118.27 million. The company had witnessed the trade on 12.99 million shares on Friday, which was huge compared to the average trading volume at 1.50 million shares per day. The institutional investors contribute to around 18 percent of the total capital of Cell Therapeutics Inc. (NASDAQ:CTIC).

Cell Therapeutics Inc. (NASDAQ:CTIC) is a biopharmaceutical company with primary focus on the research, development, manufacturing and commercialization of drugs and treatment therapies which are less toxic to treat cancer. The company is focusing its efforts primarily on the treatment of blood related cancers which had for long remained to be an unmet need in the field of pharmacy.