CellCyte shares ride a wave of hype

For years, the founders of CellCyte Genetics http://www.cellcyte.com/ relied on infusions from angel investors to keep their tiny startup afloat. But after Kirkland-based CellCyte combined with a moribund public company, its shares caught fire this fall in the loosely regulated over-the-counter (OTC) market and on Germany’s Frankfurt Stock Exchange.

A wave of glossy brochures and spam faxes, touting CellCyte with lofty claims, has helped propel the company’s total market value to more than $440 million. That’s greater than many local biotechs that are far more advanced in developing therapies. Suddenly, the two founders each have a stake worth about $137 million.

By Ángel González

Seattle Times business reporter

Full Story: http://seattletimes.nwsource.com/html/biotech/2004060913_cellcyte09.html