Navigation Links
Cell Therapeutics Announces Institutional Investor Purchased Additional $15 Million of Convertible Preferred Stock and Warrants to Purchase Common Stock
Date:7/30/2012

SEATTLE, July 31, 2012 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI") (Nasdaq and MTA: CTIC) today announced that on July 30, 2012, it completed a registered offering to an institutional accredited investor (the "Initial Purchaser") of an additional 15,000 shares of Series 15 Convertible Preferred Stock (the "Series 15-2 Preferred Stock") convertible into 25,212,203 shares of its common stock with a conversion price of $0.59495 and warrants to purchase up to an aggregate of 16,808,135 shares of common stock with an exercise price of $0.61344 for gross proceeds of $15 million (the "Second Closing") pursuant to the terms of a stock purchase agreement (the "Agreement") that CTI entered into on May 28, 2012.  The conversion price of the Series 15-2 Preferred Stock was calculated using the closing bid price of CTI's common stock on July 27, 2012, plus a premium of $0.08375 per share.  As previously announced, CTI completed the first closing of $20 million of Series 15 Convertible Preferred Stock on May 29, 2012. 

CTI plans to use the net proceeds from the Second Closing to prepare for the commercial launch of Pixuvri™ in the European Union and for general corporate purposes, which may include, among other things, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications, the acquisition of complementary businesses, technologies or products and general working capital.

As of July 31, 2012, all 15,000 shares of the Series 15-2 Preferred Stock have been converted and the Initial Purchaser has received 25,212,203 shares of common stock issuable upon conversion.  All of the warrants issued in the Second Closing are exercisable beginning on or after the date of issuance and expire five years after the date of issuance.  If the stock price is less than the exercise price, the warrants may also be exchanged for shares based on a specified Black-Scholes value formula subject to certain limitations.  CTI may instead elect to pay all or some of such value in cash.  If CTI elects not to pay in cash, is unable to issue sufficient shares without shareholder approval and has not obtained shareholder approval within 90 days after an exchange notice is received, CTI will issue a note for the unpaid portion of the value payable one year thereafter.

CTI paid Halcyon Cabot Partners, Ltd. a placement agent fee of 5% of the gross proceeds received in the Second Closing.

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 www.CellTherapeutics.com.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of CTI's securities. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with market conditions, that CTI may not use the net proceeds of the Second Closing as expected, as well as risks related to developments in the biopharmaceutical industry, the outcome of preclinical and clinical studies, risks related to regulatory approvals, delays in commencement of preclinical and clinical studies, costs of developing, producing and selling CTI's drug candidates, that CTI may not be able to successfully implement its plans, strategies and objectives related to the development of the acquired compounds, the risk that CTI may not be able to sustain its current cost controls, and the risk that CTI may not be able to continue to raise capital as needed to fund its operations, competitive factors, technological developments, costs of developing, producing and selling its drug candidates. Further risks and uncertainties include CTI's operating expenses continue to exceed its net revenues, that CTI may not be able to further reduce its operating expenses, that CTI will continue to need to raise capital to fund its operating expenses and may not be able to raise sufficient amounts to fund its continued operation as well as other risks listed or described from time to time in CTI's most recent filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI 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
www.CellTherapeutics.com/press_room

Investors Contact:

Ed Bell
T: 206.272.4345
F: 206.272.4434
E: invest@ctiseattle.com
www.CellTherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Cell Therapeutics, Inc. (CTI) to Report First Quarter Financial Results on April 20
2. Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses Investing in Chelsea Therapeutics International, Ltd. to Contact the Firm
3. Argos Therapeutics Secures $25 million Series D Financing to Commence Phase 3 ADAPT Study in Patients with Metastatic Renal Cell Carcinoma (mRCC) in Mid-2012
4. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
5. Zacks Industry Outlook Highlights: Eli Lilly, Forest Labs, ViroPharma, Novartis and United Therapeutics
6. Oxford BioTherapeutics Appoints Senior Industry Leader to Head its New Clinical Development Operations in Basel, Switzerland
7. Nektar Therapeutics Reports Financial Results for the First Quarter of 2012
8. Cara Therapeutics Licenses Novel Kappa Opioid Agonist, CR845, to Chong Kun Dang Pharmaceutical Corporation For South Korean Market
9. Frost & Sullivan: High Uptake of New Drug Therapies and Aging Population Expansion Keep the U.S. Retinal Therapeutics Market Buoyant
10. Zenobia Therapeutics, Inc. And BioBlocks, Inc. Announce Sale Of A Joint Fragment Library Ideal For Screening By All Popular Methods
11. New Forecast Shows Global Protein Therapeutics Market to Reach $143.4 Billion by 2015
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2016)... , May 24, 2016 ... médica para ayudar a los médicos a compartir sus ... pacientes a escala mundial. Profesionales médicos de Europa, África, ... se han apuntado a la aplicación, que combina la ... un entorno totalmente seguro. Educación   ...
(Date:5/24/2016)...   , Study met ... and superiority in , Excellent plus ... of the ascending colon   , ... B.V. today announced new positive data from the phase III MORA ... standard 2 litre PEG with ascorbate. The study met both primary ...
(Date:5/24/2016)... , May 24, 2016 ARANZ ... for the healthcare sector, has been named the Coretex Hi-Tech ... Awards 2016. Dr Bruce Davey , CEO ... our team.  It,s really good to be recognised for the ... Our products are used in 35 countries around the world ...
Breaking Medicine Technology:
(Date:5/25/2016)... ... May 25, 2016 , ... Today Omega Institute, a ... 11 innovative workshops and training opportunities in the growing field of ... of individuals who are dealing with specific health issues—including injuries, illnesses, and temporary or ...
(Date:5/25/2016)... ... 2016 , ... Cheryl Bowker of Bowker Insurance Group has been presented with ... Legacy Award. McKenna ran one of Allstate’s most successful agencies for 48 years, but ... knew him. The award named for him is not given every year, but only ...
(Date:5/25/2016)... FL (PRWEB) , ... May 25, 2016 , ... The ... dive into the unique integrative medical wellness offerings of Europe, a continent that pioneered ... Tyrol, Austria will hear from numerous pioneers in medical wellness, including Henri Chenot, Founder ...
(Date:5/25/2016)... FL (PRWEB) , ... May 25, 2016 , ... ... Cross Benefit Clearinghouse supporting the real time adjudication of medical service claims by ... providers using their current medical claims management software. The TransactRx Cross Benefit Clearinghouse ...
(Date:5/25/2016)... ... May 25, 2016 , ... Conrad Siegel Actuaries, delivering ... and Prescription Drug survey , an employee benefits survey measuring how ... in December 2015, indicates that employers are turning to consumer directed health care ...
Breaking Medicine News(10 mins):