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
|SOURCE Cell Therapeutics, Inc.|
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