CTIC data by YCharts
) -- Charts can sometimes tell a story much better than words, and so it is with the devastating shareholder tragedy otherwise known as
(CTIC - Get Report)
What you're looking at above is the value of Cell Therapeutics shares going back to its initial public offering. In 2001 (right around the time I joined
to cover biotech stocks) Cell Therapeutics' stock topped $80,000 per share.
Today, that same Cell Therapeutics share costs $1.08.
In other words, over the last dozen years, Cell Therapeutics has lost 99.999 percent of its market value.
Cell Therapeutics shares fell Monday after FDA placed a partial clinical hold on the company's experimental blood cancer drug Tosedostat because a patient enrolled in a clinical trial died. But today's Cell Therapeutics loss is just a tiny fraction of the long-term decimation of shareholder value.
When a biotech management team places its selfish financial needs above the needs of patients and shareholders -- and does consistently for more than a decade -- the result is the shocking chart above.
-- Reported by Adam Feuerstein in Boston.