Navigation Links
Cell Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
Date:7/22/2009

SEATTLE, July 23 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced the pricing of an underwritten public offering of 29,332,107 shares of its common stock and warrants to purchase up to 7,333,027 shares of its common stock at a price to the public of $1.30 per share of common stock and warrant to purchase 0.25 shares of common stock, for gross proceeds of approximately $38.1 million. In connection with the offering, the Company granted the underwriter a 30-day option to purchase up to 4,399,816 additional shares of its common stock and warrants to purchase up to 1,099,954 additional shares of its common stock to cover overallotments, if any. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses, excluding any exercise of the underwriter's overallotment option, are expected to be approximately $35.0 million.

Each warrant has an exercise price of $1.70 per warrant share, for total potential additional gross proceeds to the Company of approximately $12.5 million upon exercise of the warrants. The warrants are exercisable immediately upon the date of issuance and will expire nine months thereafter.

The Company expects to close the offering on or about July 28, 2009, subject to customary conditions, at which time the Company will receive the cash proceeds from the offering and deliver the securities.

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

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as sole book-running manager for the offering. In addition, Trout Capital LLC acted as financial advisor to the Company. The offering was conducted as a public offering pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting Rodman & Renshaw, LLC at 1251 Avenue of the Americas, 20th Floor, New York, New York 10020, or by calling (212) 356-0549.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

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 www.CellTherapeutics.com.

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 the actual future results of the Company and the trading price of securities of the Company. 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
    E: media@ctiseattle.com
    www.CellTherapeutics.com/press_room


    Investors Contact:

    Ed Bell
    T: 206.272.4345

    Lindsey Jesch Logan
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Nile Therapeutics, Inc. Completes $3.4 Million Private Placement
2. Oxygen Biotherapeutics, Inc. Announces Closing of Private Placement Financing Agreement
3. Nile Therapeutics, Inc. To Raise $3.4 Million in Private Placement
4. Intarcia Therapeutics, Inc. Presents ITCA 650 Phase 1b Study Results as a Late-Breaker at the American Diabetes Association 69th Scientific Sessions
5. Intarcia Therapeutics, Inc. Announces Acceptance of ITCA 650 Phase 1b Study for Late-Breaker Presentation at the American Diabetes Association 69th Scientific Sessions
6. Prospect Therapeutics, Inc.s GCS-100 Inhibited Blood Vessel Formation in a Variety of Cancer Models
7. Cell Therapeutics, Inc. (CTI) to Present at 2009 BIO International Convention
8. Prospect Therapeutics, Inc. Assigns All Its Assets to Joseph F. Finn, Jr., C.P.A. for the Benefit of Its Creditors
9. Cell Therapeutics, Inc. (CTI) to Report 2009 First Quarter Financial Results on May 7
10. Oxygen Biotherapeutics, Inc. Signs Supply Agreement for Clinical-Grade Oxycyte for Clinical Trials and Future Needs
11. Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $15 Million of Preferred Stock
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/5/2016)... 5, 2016 According to ... by Products (Consumable, Instruments, Automated Cell Expansion System), ... Stem Cell Research, Cancer, and Cell-Based Research), End-users ... - Global Revenue, Trends, Growth, Share, Size and ... the global cell expansion market is expected to ...
(Date:12/5/2016)... /PRNewswire/ - Resverlogix Corp. ("Resverlogix" or the "Company") ... Safety Monitoring Board (DSMB) for the Company,s Phase ... patients has completed a second planned safety review ... planned without any modifications. The DSMB reviewed available ... efficacy concerns were identified. The DSMB will conduct ...
(Date:12/5/2016)... , Dec. 5, 2016  Eisai Inc. ... open-label two-year study of rufinamide, which were presented ... Epilepsy Society (AES) held from December 2-6 in ... final two-year safety, tolerability and cognitive data showed ... experienced similar safety and tolerability profiles, cognitive development ...
(Date:12/5/2016)... 2016 The U.S. Biotechnology industry ... billion of revenue and some $890 billion of total ... global biopharmaceuticals, and this figure is expected to exceed ... up these four equities for assessment: Northwest Biotherapeutics Inc. ... ACAD ), Acorda Therapeutics Inc. (NASDAQ: ...
Breaking Biology Technology:
(Date:6/20/2016)... Securus Technologies, a leading provider of ... safety, investigation, corrections and monitoring announced that after ... secured the final acceptance by all three (3) ... Systems (MAS) installed. Furthermore, Securus will have contracts ... by October, 2016. MAS distinguishes between legitimate wireless ...
(Date:6/9/2016)... Paris Police Prefecture ... solution to ensure the safety of people and operations in ... major tournament Teleste, an international technology group specialised ... today that its video security solution will be utilised by ... public safety across the country. The system roll-out is scheduled ...
(Date:6/2/2016)... --  The Weather Company , an IBM Business (NYSE: ... in which consumers will be able to interact with IBM ... voice or text and receive relevant information about the product ... have long sought an advertising solution that can create a ... and valuable; and can scale across millions of interactions and ...
Breaking Biology News(10 mins):