SEATTLE, Jan. 11 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTAX: CTIC) today announced that the Commissione Nazionale per le Societa e la Borsa ("CONSOB") granted authorization to publish the Italian listing prospectus, according to the procedures set forth by Article 8 and Article 56 of the CONSOB Regulation no. 11971/99, relating to offerings of CTI's common stock representing more than 10% of the shares of common stock currently outstanding pursuant to the Step-Up Equity Financing Agreement by and between Societe Generale and CTI, subject to the inclusion of certain additional information in the prospectus.
Societe Generale has agreed to purchase, over a period of time through January 2009, up to 60 million Euros worth of shares of CTI's common stock. Any shares issued, which are covered under an existing shelf registration, will be purchased by Societe Generale, which will sell the shares on the Italian market. Societe Generale's obligation to purchase shares upon request by CTI is subject to the conditions set forth in the agreement with the bank.
Subject to certain conditions, the Step-up Equity Financing Agreement will allow CTI to raise equity finance in one or more tranches. All issuances are at CTI's election, and CTI is not required to undertake any issuances under the agreement. The total amount of any capital raised will depend on the actual financing needs over the lifetime of the agreement and other considerations and will reflect the market performance and trading volume of CTI shares.
As soon as published, the listing prospectus will be available in hard copy form at CTI's office in Italy at Via Ariosto, 23, 20091 Bresso (MI) and at the head office of Borsa Italiana S.p.A. at Piazza degli Affari, 6, Milan; and in electronic form on CTI's web site (http://www.cticseattle.com).
About Cell Therapeutics, Inc.
Headquartered in Seattl
|SOURCE Cell Therapeutics, Inc.|
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