The CEO of Cell Therapeutics had a stipulation written into his contract stating that he had to put a drug onto the market prior to 2000 or he would not receive a huge bonus for his services. Just prior to that date Dr. Bianco bought Trisenox, which was destined to be approved but not destined to earn much money. It satisfied Dr. Biancos contract but did not earn the foolish investors of CTI any money.
Now CTI, a desperate company, is vying for DOR BioPharma, Inc.
Under the proposed terms, Cell Therapeutics would issue the Company's shareholders 29,000,000 shares of Cell Therapeutics' common stock, representing 19.9% of Cell Therapeutics' outstanding shares of common stock. Warrant and option holders would receive shares of Cell Therapeutics' common stock in an amount determined using the Black Scholes pricing model. Cell Therapeutics has reserved the right to offer cash as consideration for the warrants instead of Cell Therapeutics' common stock. In addition, Cell Therapeutics is also offering the potential for an additional $15 million payment (in stock or cash at the Company's option) upon receipt of the approval of the U.S. Food & Drug Administration of the Company's new drug application for orBec®. The proposal from Cell Therapeutics is subject to, among other things, the completion of satisfactory due diligence regarding clinical, regulatory, manufacturing and proprietary positioning for orBec®.
What is Dr. Bianco up to now? DOR is trading for less than a dollar a share. They are currently at 40 cents a share, down 27% on the news of being taken over by the esteemed Dr. Bianco. They could make a movie out of CTI. As boring as science is, you could create the greatest film noir out of the life lead by Dr. Bianco. Just don't try to create a profitable investment from this person.
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