Navigation Links
Cell Therapeutics, Inc. Announces Institutional Investors Purchase Approximately $16.0 Million of Preferred Stock and Warrants
Date:4/27/2011

SEATTLE, April 28, 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, approximately $16.0 million of shares of its Series 12 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to three institutional investors.  Each share of Series 12 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 2,857 shares of common stock at a conversion price of $0.35 per share of common stock, for a total of 45,634,286 shares of common stock.

In connection with the offering, the investors received warrants to purchase up to 18,253,714 shares of common stock.  The warrants have an exercise price of $0.40 per warrant share, for total potential additional proceeds to the Company of approximately $7.3 million upon exercise of the warrants for cash. The warrants are exercisable immediately and expire five years from 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 12 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 May 2, 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.

A shelf registration statement relating to the shares of Series 12 Preferred Stock and warrants issued in the offering (and the shares of common stock issuable upon conversion of the Series 12 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 12 Preferred Stock or warrants (or the shares of common stock issuable upon conversion of the Series 12 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 12 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
E: deramian@ctiseattle.com
www.celltherapeutics.com/media.htm

Investors Contact:

Ed Bell
T: 206.282.7100
Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434
E: invest@ctiseattle.com
www.celltherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Cell Therapeutics, Inc. (CTI) Launches Phase III Study for Pixantrone in Relapsed Indolent Non-Hodgkins Lymphoma (NHL)
2. Cell Therapeutics, Inc. (CTI) Sponsors Panel Discussion on Women and Lung Cancer on Capitol Hill
3. Cell Therapeutics, Inc. (CTI) Supports Panel Discussion on Women and Lung Cancer on Capitol Hill
4. Velcura Therapeutics, Inc. Reports Positive Pre-IND Meeting With FDA and Plans Early Clinical Trials for New Drug to Treat Multiple Myeloma Bone Disease
5. NIST Awards $2 Million to Velcura Therapeutics, Inc. for Innovative Technology R&D - Dual-Action Therapies for Bone Disease
6. Ocera Therapeutics, Inc. Completes Enrollment in FHAST1, a Pivotal Phase 3 Clinical Trial in Fistulizing Crohns Disease
7. William R. Ringo Joins Hyperion Therapeutics, Inc. Board of Directors as Chairman
8. Cell Therapeutics, Inc. (CTI) Submits European Marketing Authorization Application for XYOTAX(TM)
9. Dynamis Therapeutics, Inc. Discovers RAGE Inhibitor
10. Cell Therapeutics, Inc. (CTI) Announces Enrollment Complete in Phase III EXTEND (PIX301) Clinical Trial of Pixantrone in Patients With Second or Greater Relapse of Diffuse Large B Cell NHL
11. European Regulatory Agency Accepts Cell Therapeutics, Inc.s Marketing Authorization Application for XYOTAX(TM) for Lung Cancer for Review
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/3/2016)... YORK , May 3, 2016 ... (MRI) Market Size, Share, Development, Growth and Demand Forecast ... Open), by Field Strength (High Field, Very High Field, ... Application (Brain, Head and Neck, Spine, Musculoskeletal, Vascular, Breast, ... the global magnetic resonance imaging (MRI) market was valued ...
(Date:5/3/2016)... 3, 2016  Forté Elements, LLC (Forté) is excited to announce the launch of ... the nutritional needs of recovery for a variety of clinical conditions. Founded in 2013, ... - http://photos.prnewswire.com/prnh/20160502/362548 Logo -  http://photos.prnewswire.com/prnh/20160502/362547LOGO ... ... ...
(Date:5/2/2016)... 2, 2016 Kalorama Information noted the 5 ... market in a recent white paper.  The healthcare market ... usage, a growing market are among the top drivers ... report EMR 2016: The Market for Electronic ... complete study of the EMR industry, and the report ...
Breaking Medicine Technology:
(Date:5/4/2016)... ... 2016 , ... World Patent Marketing , a vertically ... invention that aids in the improvement of the grip and swing of a ... says Scott Cooper, CEO and Creative Director of World Patent Marketing. "Favorable demand ...
(Date:5/4/2016)... ... May 04, 2016 , ... ... provide the playing surface for the 2016 NCAA Men’s National Collegiate ... for the men’s volleyball championship to be held May 5-7 at Pennsylvania State ...
(Date:5/4/2016)... York, NY (PRWEB) , ... May 04, 2016 ... ... largest non-profit organization devoted exclusively to funding innovative lymphoma research and serving the ... services – is set to return to the esteemed Quaker Ridge Golf Club ...
(Date:5/4/2016)... , ... May 04, 2016 , ... Nike Rugby Camp's ... rugby in San Diego. Willis, founder of Elite Rugby Camps and current Nike Camp ... players every year since 2009. , “I’m excited for our eighth summer here ...
(Date:5/4/2016)... ... May 04, 2016 , ... Washington Wellness Center today announced its ... Jersey residents. What started out as an idea to provide a holistic approach ... to healthcare. , Developed by Dr. David Swanekamp, Chiropractic Physician , the wellness ...
Breaking Medicine News(10 mins):