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 Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit http://www.cticseattle.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of such jurisdiction. A prospectus related to shares of CTI common stock, including any subsequently filed prospectus supplement relating to any specific issuance of shares, may be obtained for free by visiting EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in such offering will arrange to send you the prospectus if you request it by contacting CTI at the investor contact address below.
This press release 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 forward looking
statements include statements regarding CTI's ability to meet the
conditions necessary to raise funds under the step-up equity financing
agreement, the conditions to effectiveness of the step-up financing
agreement being satisfied, the amount of any eventual proceeds from the
step-up equity financing agreement, and the sufficiency of any such funds
to meet CTI's capital requirements. The risks and uncertainties include the
risk factors listed or described from time to time in the Company's filings
with the Securities and Exchange Commission including, without limitation,
the Company's most recent filings on Forms 10-K, Form 10-Q and 8-K. Except
as may be required by Italian law, CTI assumes no obligation to (and
expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information, future
events, or otherwise.
|SOURCE Cell Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved