We are a group of shareholders that have invested in Cell Therapeutics, symbol CTIC, Isin: US1509346029.
We have arrived at a certain stage with our investment, whereby we and the company are waiting on a critical decision from the EMA (European Medicines Agency), regarding the MAA (application) for CTIC's drug pixantrone.
Based on the EMA's published approval timescales and associated schedules, we believe that in November, during the CHMP meeting that occurred from the 14th to 17th November, a critical review of the pixantrone application occurred.
Unfortunately, in the CHMP report published after the meeting, there was no reference to pixantrone, which leaves us completely unclear as to current status.
Now, a 'negative opinion' (one of the potential outcomes) would we believe have been considered to be a material event, requiring the company to issue an immediate PR to advise shareholders of such an outcome, and since no such PR have been issued by the company, we believe there remain some open issues regarding the pixantrone application, that the company has still to address.
According to the EMA's own procedure, we believe the company may now have been asked to respond to a 'list of outstanding questions/LOI', or indeed may be required to respond to such an LOI request via an oral presentation to the CHMP committee.
However, our concern is this - at such a critical time, we believe it is only reasonable that the company should have issued some form of statement to its investors, following the November CHMP meeting, to appraise us of current status.
As you will appreciate, in the absence of such an updatate from the company, shareholders are left in a position, whereby they cannot sensibly determine whether to continue to retain their investment/shares in CTIC or in fact sell the shares, in order to minimise any potential loss(es). You will be aware, that CTIC's share price has reduced in value by around 50% since the period following the reverse split, and of course we have seen considerable dilution over the last 12 months as well.
We feel it is perfectly reasonable to request that the company should issue us some form of update, and request your assistance in enabling us to secure this critical update from the company.
Yours faithfully
A group of CTIC’C share holders