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Cell Therapeutics CEO Should Resign: Opinion

Jim, your time is almost over. Cell Therapeutics is on the brink of financial ruin. I can't imagine that you have enough money to keep the business running through the end of the year, never mind repaying the millions in debt due this summer or funding new clinical trials.

On Friday, Cell Therapeutics was forced to postpone its annual shareholder meeting. You conveniently neglected to explain the reason during Friday's conference call but I'm assuming you failed, once again, to gain a quorum for the meeting. Let's hope that if shareholders do bother to participate, that they vote against the company's proposal to increase shares in the corporate treasury to 1.2 billion shares from its current ceiling of 800 million shares.

Without the extra shares, you won't be able to raise any more money. And without new cash, you won't be able to waste any more money on worthless drugs. Your days of living lavishly off the backs of shareholders will be over.

Jim, you have no credibility left. The bag of tricks is empty. I suspect that I'm not the only one who sees you as a pariah in the biotech business community. I doubt anyone respects you. I don't hear anyone rushing to your defense. Do the honorable thing for once in your career and resign as CEO of Cell Therapeutics.

Do it now, please. If you do, cancer patients and investors will finally have reason to thank you.

Sincerely,

Adam Feuerstein
Senior Columnist
TheStreet.com

-- Reported by Adam Feuerstein in Boston.

Follow Adam Feuerstein on Twitter.
Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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