Dallas, Texas 02/03/2014 (FINANCIALSTRENDS) – The $466 million market capped development stage bio tech firm Cell Therapeutics Inc (NASDAQ:CTIC) was down 3.92 percent on 31st January, in addition to a 40 percent dip in its daily trading volume. This significant downward movement in the stock valuation was caused by the firm reporting that it had issued a press release dated 30th January in Italy in response to a mandatory request by the CONSOB, which is Security and Exchange Board counterpart in Italy. The information requested was with respect period ending 31st December 2014 and contained certain unaudited financial information as sought by the Italian securities regulatory authority.
It is appropriate here to note that in the past one month, the stock of firm Cell Therapeutics Inc (NASDAQ:CTIC) has been riding high on the huge build up in the valuation of the firm, thanks to its tie up with Baxter to evaluate the efficacy and safety of its candidate compound Pacritinib. This compound is being tested as a medical cure for patients suffering from lack of red blood cells. (anemia). In the event of this drug which is undergoing phase 3 trial gets FDA go ahead, the stock of Cell Therapeutics Inc (NASDAQ:CTIC) is expected to zoom upwards, since the existing approved drug has its limitations around the kind of patients who can be treated using it.
Cell Therapeutics Inc (NASDAQ:CTIC) also announced on 30th January that it is initiating phase 2 trial of Pacritinib and has enrolled 80 patients for this project. The trial is to be conducted by “AML Working Group of the National Cancer Research Institute Haematological Oncology Study Group in Acute Myeloid Leukemia (AML) and high risk Myelodysplastic Syndrome (MDS) under the sponsorship of Cardiff University and supported by Cancer Research UK.” This test will be led by Alan Burnett, who is officiating as the head of haematology at Cardiff University.