UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported): January 30, 2008
CELL THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
| Washington | 001-12465 | 91-1533912 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer Identification Number) |
501 Elliott Avenue West, Suite 400
Seattle, Washington 98119
(Address of principal executive offices)
Registrant’s telephone number, including area code: (206) 282-7100
Not applicable
(Former name or former address, if changed since last report).
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.05. | Costs associated with Exit or Disposal Activities. |
On January 30, 2008, Cell Therapeutics, Inc. (the “Company” or the “Corporation”) announced a plan to refocus the Company’s resources on late-stage and marketed products. This plan is intended to reduce operating expenses throughout the Corporation. As part of its refocusing efforts, the Company estimates that approximately 30 of the Corporation’s U.S. employees will be terminated. Estimated costs of up to $550,000 will be recorded for severance-related expenses resulting from this reduction in work force and are expected to be paid within two and a half months of the plan’s announcement. Such costs are associated with the severance benefits to be provided by the Corporation to each terminated employee. It is not anticipated that there will be any material future cash expenditures associated with this reduction in force.
This Current Report on Form 8-K includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. These risks include, but are not limited to statements regarding the Corporation’s reduction in work force plan (including the anticipated costs and timing of such actions); and the risk factors listed or described from time to time in the Corporation’s filings with the Securities and Exchange Commission including, without limitation, the Corporation’s most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by law, the Corporation does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CELL THERAPEUTICS, INC. | ||||||||
| Date: | February 5, 2008 | By: | /s/ Louis A. Bianco | |||||
| Louis A. Bianco | ||||||||
| Executive Vice President, Finance and Administration | ||||||||