) -- Charts can sometimes tell a story much better than words, and so it is with the devastating shareholder tragedy otherwise known as
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.
Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;
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