CTIC – the Biotech Stock We’re Following this Month

Posted by on Aug 10, 2010 | No comment

Seattle, Washington-based Cell Therapeutics Inc. (NASDAQ: CTIC) is engaged in the development, acquisition and commercialization of treatments for cancer. The company focuses on creating a diversified portfolio of oncology drugs. Through its research and development activities, the company concentrates on identifying and developing less toxic cancer treatments.

Last week, Cell Therapeutics reported its second-quarter financial results and also provided an update on its business. James A. Bianco, M.D., CEO of Cell Therapeutics, said that the company continues to move forward on the pixantrone Marketing Authorization Application (MAA) in Europe with the submission of a revised and expanded Pediatric Investigation Plan (PIP). Bianco said that in the U.S., the company looks forward to meeting with the Food and Drug Administration (FDA) in August to discuss its new combination trial for pixantrone in aggressive non-Hodgkin’s lymphoma (NHL).

Bianco also said that the company retired all of its convertible debt due in 2010. The company now has only two convertible debt maturities remaining in April and December next year. The company had $64.5 million in cash and cash equivalents, at the end of the second quarter of 2010. This was used by the company to pay off the $39.3 million in 2010 convertible debt, in July 2010. Additionally, the company raised $4.1 million by equity financing, in July 2010. With the retirement of all of its convertible debt for 2010, the company’s balance sheet is looking quite strong.

On the operating side, the company signed a long-term manufacturing agreement with NerPharMa for pixantrone, in the second quarter of 2010.

For the second quarter of 2010, Cell Therapeutics reported total net operating expenses of $20 million, down from $21.7 million reported for the same period last year. The company reported net loss of $53.6 million, or $0.08 per share, for the second quarter of 2010, compared with $27.4 million, or $0.06 per share reported for the same period last year.

Penny stock of Cell Therapeutics performed poorly, so far this year. Year-to-date, the stock is down 64.91%. Since reporting the second-quarter financial results, the penny stock is down 3.15%. The penny stock has a 52-week range of $0.12-$1.83. It is currently trading at its 10-day and slightly below its 20-day and 50-day moving averages, indicating a bearish sentiment. The penny stock has a support level at $0.40 and a resistance level at $0.41.

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About BeaconEquity.com

BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.

Beacon Equity Group Disclaimer

This newsletter is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Beaconequity.com is a wholly-owned subsidiary of BlueWave Advisors.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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