Cell Therapeutics Raises $44.5 Million From Institutional Investor

Luke Timmerman7/24/08

Cell Therapeutics, the Seattle-based developer of cancer drugs, said today it has raised $44.5 million in convertible debt and warrants from a single institutional investor it didn’t name. The notes, which come at 18.3 percent interest and come due in 2011, can convert to stock if Cell Therapeutics’ shares climb above 79 cents. Late Friday, the company said it needed to raise cash within 30 days to keep operating. Shares in the company closed yesterday at 38 cents.

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.