Navigation Links
Cell Therapeutics Exchanges 83% of Remaining Convertible Preferred Stock Into New Non-dividend Bearing, Non-redeemable Convertible Preferred Stock With Conversion Price of $0.14 per Share
Date:2/4/2009

SEATTLE, Feb. 5 /PRNewswire-FirstCall/ -- Cell Therapeutics (CTI) (Nasdaq and MTA: CTIC) announced today that it has issued 6,634 shares of Series F Preferred Stock in exchange for 6,634 shares of CTI's Series A, B and C Convertible Preferred Stock. The exchange constitutes 83% in interest of all series of CTI's Convertible Preferred Stock. Each share of the new Preferred Stock will become convertible into 7,143 shares of CTI's common stock, at a conversion price of $0.14 per common share representing a significant premium to the current market price.

The Series F Preferred Stock cannot become convertible into common stock sooner than April 1, 2009. Additionally, the Company has the ability to redeem all, but not less than all, of the outstanding Series F Preferred Stock for cash when the Volume-Weighted Average Price (VWAP) has exceeded $0.28 for ten previous trading days. The Series F Preferred Stock does not provide a redemption right for the holders as did the Series A, B and C Convertible Preferred Stock, thereby eliminating the possibility that the Company could be required to make involuntary cash redemption payments of approximately $6.6 million on the preferred stock that was exchanged. The Series F Preferred Stock does not bear a fixed dividend rate.

"We are pleased that almost all of the remaining preferred shareholders were willing to trade in their securities and enable CTI to avoid their redemption rights and dividend payments, saving the company approximately $6.6 million over the next 6 months, for a meaningful equity position in the Company upon their conversion into common stock," noted James A. Bianco, M.D., CEO of CTI. "With the prospects for three drug approvals in 2009, we believe they chose to participate based on the price appreciation potential of CTI should we be successful with the approvals this year."

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 http://www.celltherapeutics.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. 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
    http://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
    http://www.CellTherapeutics.com/investors

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

Related biology technology :

1. Orexigen(R) Therapeutics to Speak at BIO CEO & Investor Conference
2. Lentigen and Expression Therapeutics Sign Hemophilia Co-Development Agreement
3. Omnitura Therapeutics Announces Private Placement Financing
4. Amicus Therapeutics Announces Fourth Quarter and Year End 2008 Financial Results Release Date
5. Helsinn Announces the Acquisition of Sapphire Therapeutics Inc., USA to Establish Helsinn Therapeutics (US) Inc.
6. CV Therapeutics Statement on Unsolicited Proposal From Astellas
7. Cell Therapeutics Receives Additional NASDAQ Notification
8. Sirion Therapeutics New Drug Application for Ganciclovir is Accepted for Review by the FDA for the Treatment of Ocular Herpes
9. Frost & Sullivan Recognizes ESBATechs Innovation in Developing Antibody Fragments for Biologic Therapeutics
10. Cell Therapeutics, Inc. (CTI) to Present at 11th Annual BIO CEO & Investor Conference
11. Cell Therapeutics, Inc. Provides Update on the Special Meeting of Shareholders
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... ... October 11, 2017 , ... The CRISPR-Cas9 ... enabling overexpression experiments and avoiding the use of exogenous expression plasmids. The simplicity ... for performing systematic gain-of-function studies. , This complement to loss-of-function studies, such ...
(Date:10/11/2017)... ... 2017 , ... Proscia Inc ., a data solutions ... “Pathology is going digital. Is your lab ready?” with Dr. Nicolas Cacciabeve, Managing ... how Proscia improves lab economics and realizes an increase in diagnostic confidence.* ...
(Date:10/11/2017)... ... October 11, 2017 , ... Disappearing forests and increased ... of over 5.5 million people each year. Especially those living in larger cities are ... - based in one of the most pollution-affected countries globally - decided to take ...
(Date:10/10/2017)... ... 10, 2017 , ... San Diego-based team building and cooking events company, Lajollacooks4u, ... The bold new look is part of a transformation to increase awareness, appeal ... growth period. , It will also expand its service offering from its signature gourmet ...
Breaking Biology Technology:
(Date:5/6/2017)... RAM Group , Singaporean based ... in biometric authentication based on a novel  ... to perform biometric authentication. These new sensors are based on ... Ram Group and its partners. This sensor will have ... and security. Ram Group is a next generation ...
(Date:4/19/2017)... The global military biometrics market ... by the presence of several large global players. The ... major players - 3M Cogent, NEC Corporation, M2SYS Technology, ... 61% of the global military biometric market in 2016. ... military biometrics market boast global presence, which has catapulted ...
(Date:4/17/2017)... 2017 NXT-ID, Inc. (NASDAQ: NXTD ) ... of its 2016 Annual Report on Form 10-K on Thursday April ... ... in the Investor Relations section of the Company,s website at ... at http://www.sec.gov . 2016 Year Highlights: ...
Breaking Biology News(10 mins):