This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cell Therapeutics CEO Should Resign: Opinion

Stocks in this article: CTIC

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.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs