Biotech, capital, Life Sciences

Cell Therapeutics Says It’s Running Low on Cash

Luke Timmerman 7/21/08

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.