Cell Therapeutics' Deal Begs $18 Million Questions
After Monday's close, Cell Therapeutics
Tuesday, the company also said it has inked a $30 million financing agreement for its marketed drug Trisenox.
The timing of this stock sale is very peculiar and worrisome if you're a Cell Therapeutics fan. For the past six months or so, CEO Jim Bianco has been telling anyone who will listen about how well the company's lung cancer drug Xyotax seems to be performing in an ongoing phase III clinical trial. While always careful to say that data from the so-called Stellar 3 study are still blinded to the company, Bianco has repeatedly pushed back timelines for the completion of the study because enrolled patients are living longer than expected. Last week, Bianco said to expect results from Stellar 3 at the end of the first quarter 2005, delayed from earlier in the quarter.
Are these patients living longer because of Xyotax? Bianco claims not to know yet (the longer-than-expected survival represents a blended group of patients taking the drug or a placebo). But then again, Bianco loves to spout historical statistics about how similar lung cancer patients in other studies rarely live this long. These historical comparisons (with a nudge, nudge and a wink, wink) are supposed to make you believe that Xyotax is working, that Stellar 3 study will be a success, and that Xyotax is destined for regulatory approval.Such public posturing by a company conducting an ongoing pivotal study is promotional and highly unusual, even questionable. You don't see executives from Genentech
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV