Cell Therapeutics Says It’s Running Low on Cash

Luke Timmerman7/21/08

Cell Therapeutics is running seriously low on fuel. The Seattle-based biotech company, which has run up an accumulated deficit of $1.2 billion in its 17-year history, said late Friday in a regulatory filing it doesn’t have enough cash to operate the next 30 days, and needs to raise new capital immediately. The company had cash and investments of $15.3 million when it reported at the end of March, and current liabilities of $47.9 million.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.