Navigation Links
Cell Therapeutics, Inc. Announces Institutional Investors Purchase $30 Million of Preferred Stock and Warrants

SEATTLE, June 30, 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, $30 million of shares of its Series 13 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to six institutional investors. Each share of Series 13 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 588 shares of common stock at a conversion price of $1.70 per share of common stock, for a total of approximately 17,647,059 shares of common stock.

In connection with the offering, the investors received warrants to purchase up to 8,820,000 shares of common stock. The warrants have an exercise price of $2.15 per warrant share, for total potential additional proceeds to the Company of approximately $19 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 acquisition.

Shares of the Series 13 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 July 5, 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 13 Preferred Stock and warrants issued in the offering (and the shares of common stock issuable upon conversion of the Series 13 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 13 Preferred Stock or warrants (or the shares of common stock issuable upon conversion of the Series 13 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 13 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. Reports Outcome of Special Meeting of Shareholders
2. Serina Therapeutics, Inc. Closes $9.5 Million Financing Round
3. Cancer Research UK Signs Deal With Centella Therapeutics, Inc. to Launch Clinical Development of Radiotherapy-Enhancing Drug
4. Cell Therapeutics, Inc. Announces Institutional Investors Purchase Approximately $16.0 Million of Preferred Stock and Warrants
5. Cell Therapeutics, Inc. Reports First Quarter Accomplishments and Financial Results
6. Vista Partners Updates Coverage on Opexa Therapeutics, Inc.; Maintains Target Price of $6.50
7. Orexigen® Therapeutics, Inc. Announces Upcoming Departure of Chief Financial Officer
8. Cell Therapeutics, Inc. (CTI) to Report Fourth Quarter and Year-End 2010 Financial Results on February 16
9. Alpha-1 Foundation Awards Two Research Grants with Support from Talecris Biotherapeutics, Inc.
10. Cell Therapeutics, Inc. (CTI) Submits European Marketing Authorization Application for Pixuvri®
11. Veteran Pharmaceutical Executives Form New American Therapeutics, Inc.
Post Your Comments:
(Date:12/1/2015)... 01, 2015 ... the "Medium Molecular Weight Polyisobutylene Market ... Other Applications - Global Industry Analysis, Size, ... 2023" report to their offering. ... addition of the "Medium Molecular Weight ...
(Date:12/1/2015)... 1, 2015   Nottingham Spirk , a ... the publication of a free whitepaper , ... Market". The whitepaper gives medical product companies, pharmaceutical ... this lucrative segment. Nottingham Spirk ... manage their own health, save money (i.e., fewer ...
(Date:12/1/2015)... 1, 2015 Array BioPharma Inc. ... its Chief Executive Officer, Ron Squarer ... Healthcare Conference in New York.  The public ... through a webcast on the Array BioPharma ... --> , ...
Breaking Medicine Technology:
(Date:12/1/2015)... ... 01, 2015 , ... Trustify is proud to announce the success of the ... an organization dedicated to ending domestic violence. , Trustify and Becky’s Fund have joined ... survivors of domestic violence. Trustify is also proud to announce the launch of the ...
(Date:12/1/2015)... ... December 01, 2015 , ... Henderson, a town of ... Gigabit Internet through a partnership this year with Aeneas Internet and Telephone. , ... attractive destination for entrepreneurs who want to build a business. Whether startups or ...
(Date:12/1/2015)... Angeles, CA (PRWEB) , ... December 01, 2015 , ... ... coalition of obesity groups has filed a discrimination claim against the U.S. Department of ... coverage in their Affordable Care Act (ACA) plans are breaking the clause in the ...
(Date:12/1/2015)... ... December 01, 2015 , ... Speech and physical therapies are ... innovative technologies and under the right circumstances, these practices can be merged. ... dual-approach to his or her therapeutic sessions, as well as gives the physical ...
(Date:12/1/2015)... , ... December 01, 2015 , ... It’s official: Tattoo ... tattoo — a number even greater among Millennials (a whopping one in three aged ... and more people who are dissatisfied with their ink. In fact, RealSelf , ...
Breaking Medicine News(10 mins):