Cell Therapeutics Inc (NASDAQ:CTIC) stock boost expected after getting positive report U.K’s National Institute for Health


Dallas, Texas 01/06/2014 (FINANCIALSTRENDS) – Cell Therapeutics Inc (NASDAQ:CTIC), the $320 million market capped bio tech firm which is into the development of cures for drug cancer related ailments. It has been concentrating all its efforts on commercializing of its target drug PIXUVRI in the U.K and U.S markets.

During trading on January 3, the stock posted a 10.55 percent increase in its stock valuation during trading. At end of the day trading, its share price had settled at $2.2 per share, which is 1.38 percent above its 52 week high price point. This surge in the prospects of this biotech stock was kick started when the firm announced on January 3 that the U.S. Food and Drug Administration has withdrawn the partial clinical hold on its target drug to sedostat and that Cell Therapeutics Inc (NASDAQ:CTIC) is free to proceed ahead with the reminder parts of the clinical trial.

Commenting about the lifting of the partial ban, John Pagel, Cell Therapeutics Inc (NASDAQ:CTIC) Principal investigator and Associate Member, Clinical Research Division, Fred Hutchinson Cancer Research Center has been quoted as saying, “We are pleased that the FDA has responded favourably to the tosedostat clinical trial data provided and removed the partial clinical hold to allow further development of tosedostat in ongoing and future studies.”

When the positive news came out, investors flocked to buy into the stock and since then the momentum in the price increase that the stock has been experiencing has been sustained. Readers should note that this development stage bio tech firm has returned its investors gains of close to 113 percent over the past 6 months.

This double digit rally in the stock of Cell Therapeutics, Inc. (NASDAQ:CTIC) is expected to continue even on January 6, as the company announced that its U.K wing has received a positive report from the National Institute for Health and Care Excellence . In the report which is titled Final Appraisal Determination has concluded that the target drug PIXUVRI is cost effective and can be recommended for treating adult patients suffering from blood cancer.

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