Navigation Links
Cell Therapeutics, Inc. Announces Institutional Investor Purchases $30 Million of Preferred Stock and Warrants

SEATTLE, Aug. 19 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced that it has entered into an agreement to sell $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. Each share of Series 2 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 628 shares of common stock at a conversion price of $1.59125 per share of common stock for a total of approximately 18,853,103 common shares.

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 issuance and terminate nine months after the date of issuance.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include, among other things, paying interest on and/or retiring portions of its outstanding debt, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications, and general working capital.

Shares of the Series 2 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock and have no voting rights on general corporate matters.

The closing of the offering is expected to occur on August 24, 2009, at which time the Company will receive the cash proceeds and deliver the securities.

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 will be 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. Oxygen Biotherapeutics, Inc. Files 10-K for Fiscal Year Ended April 30, 2009
2. Nile Therapeutics, Inc. Announces Dosing of First Patient in Phase 2 Study of CD-NP for the Treatment of Acute Heart Failure
3. Cell Therapeutics, Inc. Announces Exercise of Overallotment
4. Cell Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
5. Nile Therapeutics, Inc. Completes $3.4 Million Private Placement
6. Oxygen Biotherapeutics, Inc. Announces Closing of Private Placement Financing Agreement
7. Nile Therapeutics, Inc. To Raise $3.4 Million in Private Placement
8. Intarcia Therapeutics, Inc. Presents ITCA 650 Phase 1b Study Results as a Late-Breaker at the American Diabetes Association 69th Scientific Sessions
9. Intarcia Therapeutics, Inc. Announces Acceptance of ITCA 650 Phase 1b Study for Late-Breaker Presentation at the American Diabetes Association 69th Scientific Sessions
10. Prospect Therapeutics, Inc.s GCS-100 Inhibited Blood Vessel Formation in a Variety of Cancer Models
11. Cell Therapeutics, Inc. (CTI) to Present at 2009 BIO International Convention
Post Your Comments:
(Date:11/25/2015)... , ... November 25, 2015 , ... ... uBiome, were featured on AngelList early in their initial angel funding process. Now, ... syndicate for individuals looking to make early stage investments in the microbiome space. ...
(Date:11/24/2015)... 2015 /CNW/ - iCo Therapeutics ("iCo" or "the Company") ... for the quarter ended September 30, 2015. Amounts, ... and presented under International Financial Reporting Standards ("IFRS"). ... said Andrew Rae , President & CEO ... not only value enriching for this clinical program, ...
(Date:11/24/2015)... PUNE, India , November 24, 2015 ... to a new market research report "Oligonucleotide Synthesis Market ... Equipment), Application (PCR, Gene Synthesis, Diagnostic, DNA, RNAi), End-User ... to 2020", published by MarketsandMarkets, the market is expected ... 1,078.1 Million in 2015, at a CAGR of 10.1% ...
(Date:11/24/2015)...  Tikcro Technologies Ltd. (OTCQB: TIKRF) today announced that its Annual General ... a.m. Israel time, at the law offices of ... 36 th Floor, Tel Aviv, Israel . ... Izhak Tamir to the Board of Directors; , election ... , approval of an amendment to certain terms of options granted to ...
Breaking Biology Technology:
(Date:11/11/2015)... Minn. , Nov. 11, 2015   MedNet Solutions ... entire spectrum of clinical research, is pleased to announce that ... in Clinical Trials (PCT) event, to be held November ... be able to view live demonstrations of iMedNet ... and learn how iMedNet has been able to ...
(Date:11/9/2015)... , Nov. 09, 2015 ... addition of the "Global Law Enforcement ... offering. --> ) has ... Law Enforcement Biometrics Market 2015-2019" report ... and Markets ( ) has announced ...
(Date:11/2/2015)... Calif. , Nov. 2, 2015  SRI International ... million to provide preclinical development services to the National ... contract, SRI will provide scientific expertise, modern testing and ... variety of preclinical pharmacology and toxicology studies to evaluate ... --> The PREVENT Cancer Drug Development Program ...
Breaking Biology News(10 mins):