Navigation Links
Cell Therapeutics, Inc. Announces $12 Million Equity Line of Credit
Date:7/29/2008

SEATTLE, July 29 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (the "Company") (Nasdaq: CTIC; MTA) today announced that it has entered into an equity line of credit agreement with Midsummer Investment, Ltd. for the sale of up to $12 million of common stock over time (the "Agreement"). The stock would be issued upon exercise of a warrant pursuant to the terms of the Agreement.

The Company has the right to raise cash under the Agreement for shares of the Company's common stock on a periodic basis. The number and price per share of each issuance are determined by a contractual formula based on the trading volume and a discount to the volume weighted average price of the Company's common stock, as reported by the Milan Stock Exchange, over a preceding period of trading days.

The first draw under the Agreement is expected to take place in August 2008, and the Agreement contemplates that additional draws (subject to customary closing conditions) will occur until the warrant is exercised in full or the Company elects to suspend future closings under the Agreement. The Company can choose to reactivate the line of credit following any such suspension.

A prospectus supplement relating to the common stock to be issued in respect of the Agreement was filed with Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from 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 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. Specifically, the risks and uncertainties include risks the we may not be able to meet the closing conditions for issuance of shares under the Agreement and therefore may not receive any funds under the Agreement, and the risk that the Company continues to have a significant amount of debt outstanding and will need to raise additional capital to fund its operations as well as other risks listed or described from time to time in the Company's most recent filings on Forms 10- K, 8-K and 10-Q. You should also review 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 law, CTI does not commit 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

E: media@ctiseattle.com

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

Investors Contact:

Cell Therapeutics, Inc.

Ed Bell

T: 206.272.4345

Lindsey Jesch

T: 206.272.4347

F: 206.272.4434

E: invest@ctiseattle.com

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


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Stiefel Laboratories, Inc. Announces Expiration of Hart-Scott-Rodino Waiting Period Relating to its Proposal to Acquire Barrier Therapeutics, Inc.
2. Zevalin Revenues Lead Cell Therapeutics, Inc.s First Quarter 2008 Financial Results
3. Juvaris BioTherapeutics, Inc. Announces the Appointment of Grant E. Pickering as Chief Executive Officer
4. Cell Therapeutics, Inc. (CTI) Reports Recent Accomplishments and 2007 Fourth Quarter and Year End Financial Results
5. Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Mutually Terminate Merger Agreement; Oracle Healthcare Acquisition Corp. Cancels Special Meeting
6. Cell Therapeutics, Inc. Announces Issuance of $51.7 Million of New 2012 Convertible Senior Notes
7. Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Agree in Principle to Amend Merger Agreement to Reduce Consideration by 15%
8. DARA BioSciences, Inc. and Point Therapeutics, Inc. Announce Consummation of Merger
9. Cell Therapeutics, Inc. (CTI) Cuts Net Operating Expenses 35% and Expands Commercial Team to Support Zevalin(R) Sales and Applications Seeking Two Product Approvals in 2009
10. Reckitt Benckiser Completes Acquisition of Adams Respiratory Therapeutics, Inc.
11. Cell Therapeutics, Inc. (CTI) Completes Acquisition of Lymphoma Drug Zevalin(R) From Biogen Idec for Sales and Marketing in the United States
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... Grimsby, Ontario (PRWEB) , ... March 23, 2017 , ... The MBI “Hall of Fame” ... or whose acts have had a significant impact on the careers of all others involved. ... with NRB Inc. was inducted into the MBI’s Hall of Fame. The induction took ...
(Date:3/23/2017)... ... March 23, 2017 , ... ... serving the families and businesses of the Norwalk and Vermillion areas, celebrates ... Recovery Center (N.O.R.A.) is a nonprofit, community-based substance abuse prevention and peer ...
(Date:3/23/2017)... ... 2017 , ... Benefits delivery trailblazer, Hodges-Mace, LLC, ... benefits dashboard solving one of the top frustrations in employee benefits – how ... time, employees can access up-to-date information and account balances for all of their ...
(Date:3/23/2017)... Angeles, CA (PRWEB) , ... March 23, 2017 ... ... A funding investment in Los Angeles based healthcare technology company California Healthcom Group ... portfolio into the US, and healthcare arena. With headquarters in California, CHG is ...
(Date:3/23/2017)... ... 23, 2017 , ... The TouchPoint Solution, home of Buzzies *, is ... anxiety. , “Buzzies change the way we interact with stress and live our ... its launch date in December 2016, The TouchPoint Solution has sold more than $750,000 ...
Breaking Medicine News(10 mins):
(Date:3/23/2017)... , March 23, 2017  The U.S. Food ... (avelumab) for the treatment of adults and pediatric patients ... (MCC), including those who have not received prior chemotherapy. ... a rare, aggressive form of skin cancer. ... cancers, patients with a rare form called Merkel cell ...
(Date:3/23/2017)... VANCOUVER, British Columbia , March 23, 2017 /PRNewswire/ ... "Company" or "Sophiris"), a clinical late-stage biopharmaceutical company developing ... announced that data from its successful Phase 2a study ... treatment for localized prostate cancer, will be presented as ... nd Annual European Association of Urology in ...
(Date:3/23/2017)... Research and Markets has announced the addition of the ... offering. ... global oxygen therapy devices market to grow at a CAGR of ... Oxygen Therapy Devices Market 2017-2021, has been prepared based on an ... the market landscape and its growth prospects over the coming years. ...
Breaking Medicine Technology: