CTI BioPharma Corp. (CTIC) stock lost 12.71% on Thursday, April 1, 2021. It closed at $2.54 per share on Thursday while the CTIC stock soars 1.18% in pre-market trading. CTIC shares have risen by 173.12% over the last 12 months.
Let’s have a look at the recent news about CTIC
Equity awards approval
On April 2, 2021, CTI BioPharma Corp announced the equity inducement awards to three new employees. The equity awards are in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved on April 1, 2021. employees received options to purchase an aggregate of 107,500 shares of CTI BioPharma common stock.
Setting pricing of its public offering of common stock and preferred stock
On March 31, 2021, CTI BioPharma Corp announced the pricing of its previously announced underwritten public offering of 14,260,800 shares of its common stock and 600 shares of its series Xpreferred stock.
The offering price of a common stock share is $2.50 and for series X is $25,000.Each share of Series X1 Preferred will be convertible into 10,000 shares of common stock at the election of the holder
2,139,120 additional shares are also available for purchase for underwriters within 30 days. The gross proceeds of approximately $50.7 million will be used for general working capital and corporate purposes.
New Drug Application to FDA
On March 31, 2021, CTIC announced that it has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration, requesting approval of pacritinib for the treatment of myelofibrosis patients with severe thrombocytopenia.
Positive Safety Profile of CTI Pacritinib
On March 22, 2021, CTIC announced the publication of results from a Phase 1 study evaluating pacritinib, to prevent acute graft-versus-host disease (GVHD). The results were published in Clinical Cancer Research, a journal of the American Association for Cancer Research.
Pacritinib showed an encouraging safety profile and exhibited preliminary therapeutic activity in preventing acute GVHD after allogeneic hematopoietic cell transplantation.
CTIC lead product “Pacritinib” is in development for the treatment of myelofibrosis which has the potential to fulfill a significant treatment gap in the management of these patients due to its unique clinical profile.
Conclusion: well we have no such news which could justify the CTIC Thursday loss. CTIC Stock can recover after Easter break.