Navigation Links
Cell Therapeutics, Inc. Announces Issuance of $23.25 Million in New Convertible Senior Notes in Exchange for $36.08 Million of Existing Convertible Senior Subordinated and Subordinated Notes
Date:12/13/2007

Exchange retired $12.83 million in existing current 2008 convertible notes and extended the maturity to 2011 on an additional $23.25 million in 2008

convertible notes

SEATTLE, Dec. 13 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTAX: CTIC) today announced that it issued approximately $23.25 million of its new 5.75% Convertible Senior Notes (the "New Notes") due 2011 and 5,459,574 shares of its common stock, no par value (the "Common Stock") in exchange for approximately $10.5 million of its outstanding 5.75% Convertible Senior Subordinated Notes due 2008 (the "Senior Subordinated Notes") and approximately $25.6 of its outstanding 5.75% Convertible Subordinated Notes due 2008 (the "Subordinated Notes"). The New Notes and Common Stock were issued in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Approximately $19.8 million in Senior Subordinated Notes and Subordinated Notes remain outstanding and mature in June 2008.

The New Notes bear interest at 5.75% per annum and are convertible for shares of CTI common stock at the rate of 333.33 shares per $1,000 principal amount of New Notes, which is equivalent to an initial conversion price of approximately $3.00 per share. The New Notes rank equal in right of payment with all existing and future senior indebtedness of CTI, including the Corporation's 6.75% Convertible Senior Notes due 2010 and 7.5% Convertible Senior Notes due 2011, and rank senior in right of payment to the Corporation's currently outstanding Senior Subordinated Notes, Subordinated Notes and 4% Convertible Senior Subordinated Notes due 2010.

The New Notes and the Common Stock to be issued pursuant to the exchange agreement have not been registered under the Securities Act or any state securities laws. The New Notes and the Common Stock issued pursuant to the exchange agreement and the common stock issuable upon conversion of the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state laws.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale 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. The risks and uncertainties that the company continues to have approximately $19.8 million of convertible notes due in June 2008 as well a significant amount debt outstanding in future years and will need to raise additional capital to fund its operations in 2008 as well as 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, 8-K, and 10-Q. Except as may be required by Italian law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

Media Contact:

Cell Therapeutics, Inc.

Dan Eramian

T: 206.272.4343

C: 206.854.1200

Susan Callahan

T: 206.272.4472

F: 206.272.4434

E: media@ctiseattle.com

http://www.cticseattle.com/media.htm

Investors Contact:

Cell Therapeutics, Inc.

Leah Grant

T: 206.282.7100

F: 206.272.4434

E: invest@ctiseattle.com

http://www.cticseattle.com/investors.htm


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
2. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
3. ARYx Therapeutics, Inc. Files Registration Statement for Initial Public Offering
4. Nile Therapeutics, Inc. Adds to Executive Management Team
5. Cell Therapeutics, Inc. (CTI) Receives SPA Approval from FDA and Launches Gender-Specific Phase III Trial for Advanced Non-Small Cell Lung Cancer
6. Founder of ILEX Oncology and Triton Biosciences, Richard Love, Joins Board of Directors of Cell Therapeutics, Inc. (CTI)
7. Cell Therapeutics, Inc. (CTI) Announces 2007 Annual Shareholders Meeting Results
8. Northwest Biotherapeutics, Inc. Announces Appointment of Chief Financial Officer
9. Nile Therapeutics, Inc. to Present at Upcoming BIO Investor Forum
10. Hyperion Therapeutics, Inc. Announces Senior Management Team and $15M Financing Event
11. Cell Therapeutics, Inc. (CTI) BIO Presentation to Be Webcast
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)...  Liquid Biotech USA , ... Sponsored Research Agreement with The University of Pennsylvania ... cancer patients.  The funding will be used to ... clinical outcomes in cancer patients undergoing a variety ... employed to support the design of a therapeutic, ...
(Date:6/24/2016)... June 24, 2016  Regular discussions on a range of ... between the two entities said Poloz. Speaking at ... Ottawa , he pointed to the country,s inflation target, ... government. "In certain ... institutions have common economic goals, why not sit down and ...
(Date:6/24/2016)... ... June 24, 2016 , ... While the majority of commercial spectrophotometers and fluorometers ... the 6000i models are higher end machines that use the more unconventional z-dimension of ... beam from the bottom of the cuvette holder. , FireflySci has developed several ...
(Date:6/23/2016)... ... 23, 2016 , ... Mosio, a leader in clinical research ... Recruitment and Retention Tips.” Partnering with experienced clinical research professionals, Mosio revisits the ... tools, and strategies for clinical researchers. , “The landscape of how patients receive ...
Breaking Biology Technology:
(Date:6/2/2016)... June 2, 2016 The Department of ... awarded the 44 million US Dollar project, for the ... Plates including Personalization, Enrolment, and IT Infrastructure , ... the production and implementation of Identity Management Solutions. Numerous renowned ... Decatur was selected for the most ...
(Date:5/24/2016)... , May 24, 2016 Ampronix facilitates superior patient care by providing ...  3D medical LCD display is the latest premium product recently added to the range ... ... ... Sony 3d Imaging- LCD Medical Display- Ampronix News ...
(Date:5/9/2016)... DUBAI , UAE, May 9, 2016 ... choice when it comes to expanding freedom for high ... Even in today,s globally connected world, there ... online conferencing system could ever duplicate sealing your deal ... are obtaining second passports by taking advantage of citizenship ...
Breaking Biology News(10 mins):