Boston, MA 10/01/2013 (wallstreetpr) – On September 30, Cell Therapeutics Inc (NASDAQ:CTIC) filed a SEC report containing copies of a press statement the company had issued in Italy at the request of CONSOB, SEC Italian counterpart.
The Italian security regulatory authority had asked for certain financial data with regards to the company operations for the duration of month of August 2013. The highlights of the report were as follows: The parent company unaudited financial standing was $3.37 million as of August 31 and the financial position of the CTI Consolidated group was $5.17 million.
The breakup of the unaudited numbers for Cell Therapeutics parent was as follows: It had cash and cash equivalents of $17.8 Million. After accounting for long term debt and immediate outstanding the net financial standing was $16.9 million. This further comes down to $3.37 million when the long term obligations and long term debt are accounted for.
The account statement to the Italian agency also specified that the total outstanding payables greater than 30 days was close to $7.7 million for CTIC parent company and which goes up to $10.3 million for the consolidated CTIC group. Company has gone on to advise CONSOB that the requested information have not been through due diligence by its auditors since this process happens once every quarter prior to Quarterly Reports and Form 10-Q preparation.
Share price of the stock saw a close to 3% dip in value on September 30 in comparison to its previous day close. The share price was $1.62 per share as of close of business. The stock saw 2.6 million of its shares change hands through the trading day, which was significantly higher than its 1.75 million daily trading average. Cell Therapeutics has a market capitalization of $174 million with sales of $1.4 million over a 12 month trailing period.
