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Cell Therapeutics CEO Should Resign: Opinion

Jim, I can't imagine that anyone is going to partner pixantrone. Novartis (NVS - Get Report) is probably not interested in licensing a tragically unimpressive chemotherapy drug that was just summarily rejected by FDA. Likewise with Opaxio -- what company in its right mind is going to find value in a drug that has failed every phase III trial it's been tested in and was just rejected by European regulators?

That's nonsense and you know it.

Jim, your track record on drug development is terrible, but your record for delivering on promises of partnerships and licensing deals is even worse. The most recent crop of retail investors you've somehow managed to bring into the Cell Therapeutics' fold probably doesn't know your history of under-delivering results. I, on the other hand, have been writing about you and Cell Therapeutics for almost a decade. I've heard you set a lot of goals over the last nine to 10 years, yet I've rarely seen you actually deliver on any of them.

Don't forget Jim, I was writing about you and the company in 2003 when you were promising a partnership for Xyotax, now rebranded as Opaxio. That deal never happened. Instead you zipped over to Milan and bought Novuspharma, an obscure Italian drug firm that had been looking for a buyer, unsuccessfully, for almost two years before you came calling. Novuspharma was the original developer of pixantrone. Almost seven years later, incredibly, you still haven't managed to bring pixantrone to market.

Hey Jim, remember Trisenox? Cell Therapeutics had to settle a federal lawsuit accusing the company of illegal marketing practices. What about Zevalin? You bought that foundering cancer drug but didn't manage to boost sales before selling it off again. Xyotax? Fail. Pixantrone? Fail.

Reality looks far different and darker than the rosy fantasy world you continue to project. The only thing you've managed to do well -- exceedingly well -- is collect large paychecks and burden shareholders with one dilutive financing after another.

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