Navigation Links
Cell Therapeutics, Inc. Announces Institutional Investors Purchase $20 Million of Preferred Stock and Warrants

SEATTLE, Dec. 9, 2011 /PRNewswire/ -- Cell Therapeutics, Inc. (Nasdaq and MTA:CTIC) (the "Company") today announced that it has entered into an agreement to sell, subject to customary closing conditions, $20 million of shares of its Series 14 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to two institutional investors.  Each share of Series 14 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 870 shares of common stock at a conversion price of $1.15 per share of common stock, for a total of approximately 17,391,304 shares of common stock.

In connection with the offering, the investors received warrants to purchase up to 6,956,522 shares of common stock. The warrants have an exercise price of $1.45 per warrant share, for total potential additional proceeds to the Company of approximately $10.1 million upon exercise of the warrants for cash. The warrants are exercisable beginning six months and one day after the date of issuance and expire five years and one day after the date of issuance.

The Company intends to use the net proceeds from the offering for 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. The Company may also use a portion of the net proceeds to fund possible investments in, or acquisitions of, complementary businesses, technologies or products. The Company has recently engaged in limited discussions with third parties regarding such investments or acquisitions, but has no current agreements or commitments with respect to any investment or acquisitions.

Shares of the Series 14 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 December 13, 2011, 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. Trout Capital LLC provided financial advisory services.

A shelf registration statement relating to the shares of Series 14 Preferred Stock and warrants issued in the offering (and the shares of common stock issuable upon conversion of the Series 14 Preferred Stock and exercise of the warrants) has been filed with the Securities and Exchange Commission (the "SEC"). A prospectus supplement under Rule 424 of the Securities Act of 1933, as amended, 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 press release does not constitute an offer to sell or a solicitation of an offer to buy the Series 14 Preferred Stock or warrants (or the shares of common stock issuable upon conversion of the Series 14 Preferred Stock and exercise of the 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 purchase and sale of the Series 14 Preferred Stock and related warrants might not be consummated, investors might not exercise their warrants, 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
F: 206.272.4434

Investors Contact:
Ed Bell
T: 206.282.7100
Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434

SOURCE Cell Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Cell Therapeutics, Inc. (CTI) to Present at 10th Annual BIO Investor Forum
2. Womens Health Therapeutics, Analysis and Market Forecasts to 2016 - High Unmet Need will Drive the Uptake of Novel Drugs in the Menopause and Osteoporosis Markets
3. Reed V. Tuckson, M.D., Executive Vice President and Chief of Medical Affairs at UnitedHealth Group, Joins Board of Directors of Cell Therapeutics, Inc. (CTI)
4. Intrinsic Therapeutics, Inc. Names Cary P. Hagan as President & CEO
5. Rare Disease Therapeutics, Inc. Selects Accredo Health Group to Distribute Anascorp® for the Treatment of Centruroides Scorpion Sting Envenomation
6. Prefilled Syringes: Devices, Therapeutics, Players, Markets and Prospects
7. Dry Powder Inhalation: Devices, Drugs, Therapeutics, Markets and Forecasts
8. Cell Therapeutics, Inc. (CTI) Reports Reduction in Operating Expenses and Net Losses for Second Quarter and First Half 2011 Compared to 2010, and Advances In Bringing Pixantrone to Market
9. Cell Therapeutics, Inc. Announces Institutional Investors Purchase $30 Million of Preferred Stock and Warrants
10. Cell Therapeutics, Inc. Reports Outcome of Special Meeting of Shareholders
11. Serina Therapeutics, Inc. Closes $9.5 Million Financing Round
Post Your Comments:
(Date:11/26/2015)... DUBLIN , Nov. 26, 2015 Research and ... "Asia Pacific Cardiac Pacemaker Market Outlook to 2019 - ... Drive the Demand " report to their offering. ... --> Boston scientific and others. ... global players including Medtronic, Biotronik, Boston ...
(Date:11/26/2015)... DUBLIN , November 26, 2015 /PRNewswire/ ... the addition of the "2016 Future ... Drugs of Abuse Testing Market: Supplier Shares, ... report to their offering. --> ... of the "2016 Future Horizons and ...
(Date:11/26/2015)... , November 26, 2015 ... Juntendo universitetssjukhus ser potential att använda ... magnetresonansbilder (MR-bilder) för patienter med multipel ... ett forskningsavtal med SyntheticMR AB för att ... forskningsprojekt på sjukhuset. Med SyMRI kan man ...
Breaking Medicine Technology:
(Date:11/27/2015)... ... 2015 , ... According to an article published November 13th on ... Washington D.C. revolved around the fact that proper dental care, both at-home and in ... link between periodontal disease (more commonly referred to as gum disease) and diabetes. According ...
(Date:11/27/2015)... ... November 27, 2015 , ... According to an article published ... that they are handling security in light of the recent terrorist attacks in Paris, ... attempt to stop an attack from reaching U.S. soil. Especially around special events that ...
(Date:11/27/2015)... ... November 27, 2015 , ... A team of Swiss doctors has ... it. Surviving Mesothelioma has just posted the findings on the website. Click here ... the cases of 136 mesothelioma patients who were treated with chemotherapy followed by EPP ...
(Date:11/27/2015)... ... November 27, 2015 , ... "When ... said an inventor from Hillside, N.J. "Many people catch diseases simply from sitting ... individuals will always be protected from germs." , He developed the patent-pending QUDRATECS ...
(Date:11/27/2015)... ... November 27, 2015 , ... ... 27th edition of USA Today in Atlanta, Dallas, New York, Minneapolis, South Florida, ... The digital component is distributed nationally, through a vast social media strategy and ...
Breaking Medicine News(10 mins):