Navigation Links
Cell Therapeutics, Inc. Announces Closing of Registered Offering of $30 Million of Preferred Stock and Warrants

SEATTLE, Aug. 21 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced the closing of its previously announced sale of $30 million of shares of its Series 2 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to a single institutional investor. The investor has elected to convert all of its shares of Series 2 Preferred Stock and to receive the 18,853,103 shares of the Company's common stock issuable upon such conversion at the closing.

The Company received approximately $28.2 million in net proceeds from the offering, after deducting placement agent fees and estimated offering expenses.

In connection with the offering, the investor received warrants to purchase up to 4,713,276 shares of common stock. The warrants have an exercise price of $1.70 per warrant share, for total potential additional proceeds to the Company of approximately $8.0 million upon exercise of the warrants. The warrants are exercisable immediately upon their date of issuance and will expire nine months thereafter.

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the offering.

A shelf registration statement relating to the shares of Series 2 Preferred Stock and warrants issued in the offering (and the shares of common stock issuable upon conversion of the Series 2 Preferred Stock and exercise of the warrants) has been filed with the Securities and Exchange Commission (the "SEC"). The shelf registration statement was automatically effective upon filing with the SEC. A prospectus supplement relating to the offering has also been filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting the Company at the following address: Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of Series 2 Preferred Stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

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 and the trading prices of the Company's securities. The risks and uncertainties include the risk that the investors might not exercise their warrants, the Company might not be able to continue to raise additional capital as needed to fund its operations, the Company's intentions regarding the use of proceeds, and other risk factors listed or described from time to time in the Company's filings with the SEC, including, without limitation, its most recent filings on Forms 10-K, 10-Q and 8-K. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

    Media Contact:

    Dan Eramian
    T: 206.272.4343
    C: 206.854.1200

    Investors Contact:

    Ed Bell
    T: 206.272.4345

    Lindsey Jesch Logan
    T: 206.272.4347
    F: 206.272.4434

SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Cell Therapeutics, Inc. Announces Institutional Investor Purchases $30 Million of Preferred Stock and Warrants
2. Oxygen Biotherapeutics, Inc. Files 10-K for Fiscal Year Ended April 30, 2009
3. Nile Therapeutics, Inc. Announces Dosing of First Patient in Phase 2 Study of CD-NP for the Treatment of Acute Heart Failure
4. Cell Therapeutics, Inc. Announces Exercise of Overallotment
5. Cell Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
6. Nile Therapeutics, Inc. Completes $3.4 Million Private Placement
7. Oxygen Biotherapeutics, Inc. Announces Closing of Private Placement Financing Agreement
8. Nile Therapeutics, Inc. To Raise $3.4 Million in Private Placement
9. Intarcia Therapeutics, Inc. Presents ITCA 650 Phase 1b Study Results as a Late-Breaker at the American Diabetes Association 69th Scientific Sessions
10. Intarcia Therapeutics, Inc. Announces Acceptance of ITCA 650 Phase 1b Study for Late-Breaker Presentation at the American Diabetes Association 69th Scientific Sessions
11. Prospect Therapeutics, Inc.s GCS-100 Inhibited Blood Vessel Formation in a Variety of Cancer Models
Post Your Comments:
(Date:10/12/2017)... ... October 12, 2017 , ... They call it ... biological network, a depiction of a system of linkages and connections so complex ... associate professor of computer science at Worcester Polytechnic Institute (WPI) and director of ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... of a United States multicenter, prospective clinical study that demonstrates the accuracy ... test capable of identifying clinically significant acute bacterial and viral respiratory tract ...
(Date:10/12/2017)... (PRWEB) , ... October 12, ... ... ) has launched Rosalind™, the first-ever genomics analysis platform specifically designed for ... complexity. Named in honor of pioneering researcher Rosalind Franklin, who made a ...
(Date:10/11/2017)... ... ... a basic first aid supply for any work environment, but most personal eye wash can ... a dangerous substance enters both eyes? It’s one less decision, and likely quicker response time ... , “Whether its dirt and debris, or an acid or alkali, getting anything in your ...
Breaking Biology Technology:
(Date:5/23/2017)... robotic gym for the rehabilitation and functional motor sense evaluation of lower ... . The first 30 robots will be available from June in ... The technology was developed and patented at the IIT laboratories and has ... to a 10 million euro investment from entrepreneur Sergio Dompè. ... ...
(Date:4/19/2017)... York , April 19, 2017 ... as its vendor landscape is marked by the presence ... market is however held by five major players - ... Together these companies accounted for nearly 61% of the ... the leading companies in the global military biometrics market ...
(Date:4/11/2017)... GARDENS, Fla. , April 11, 2017 /PRNewswire/ ... management and secure authentication solutions, today announced that ... by Intelligence Advanced Research Projects Activity (IARPA) to ... IARPA,s Thor program. "Innovation has been ... and IARPA,s Thor program will allow us to ...
Breaking Biology News(10 mins):