CTI BioPharma Corp (CTIC) stock could not keep its positive momentum going on Wednesday, April 21, 2020, and lost 6.38% in the after-hours session, after gaining 5.86% in the normal trading session. CTIC shares have soared 165.51% over the last 12 months, and they have declined 7.11% in the past week. Over the past three months, the stock has lost 24.68%, while over the past six months, it has shed 28.79.
Let’s see is there any recent development that flipped its positivity.
Inducement Grants announcement
On April 21, 2021, CTI BioPharma Corp. announced equity inducement awards to two new employees approved by its Board of Directors.
An option is given to both employees to purchase an aggregate of 80,000 shares of CTI BioPharma common stock.
Also, back on April 2, 2021, CTI BioPharma Corp announced the equity inducement awards to three new employees. employees received options to purchase an aggregate of 107,500 shares of CTI BioPharma common stock.
These equity awards are in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved on April 1, 2021.
Participation in the investor conference
CTI BioPharma Corp recently participated in the 20th Annual Needham Virtual Healthcare Conference which held on Wednesday, April 14, 2021.
Pricing its public offering of common 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 X preferred 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.
On March 17, 2021, CTI BioPharma Corp announced its financial results for the fourth quarter and the full-year ended December 31, 2020.
Q4 2020 highlights
- CTI BioPharma suffered an operating loss of $14.8 million in Q4 2020 compared to an operating loss of $9.5 in Q4 2019.
- Q4 2020 and Q4 2019 net revenue was zero
- Net loss for the three months ended December 31, 2020, was $15.0 million, or $0.20 for basic and diluted loss per share, as compared to a net loss of $8.2 million, or $0.14 for basic and diluted loss per share, for the same period in 2019
FY 2020 highlights
- Operating loss was$47.8 million for the year ended December 31, 2020, compared to an operating loss of$40.7 million for FY 2019.
- No revenue was recorded for FY 2020 compared to revenues of $3.3 million in 2019.
- CTI BioPharma suffered a net loss of $52.5 million or $0.74 for basic and diluted loss per share for the FY 2020 compared to a net loss of $40.0 million or $0.69 for basic and diluted loss per share for FY 2019.
- CTI BioPharma had cash, cash equivalents and short-term investments totaled $52.5 million on December 31, 2020, compared to $33.7 million as of December 31, 2019.
we were unable to find any news in the market to justify its flip on Wednesday.