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CTI Looks to Erase $119M Debt

Cell Therapeutics (NASDAQ: CTIC), the Seattle-based developer of cancer drugs, said today it is modifying an auction process in hopes to eliminate all of its $118.9 million in debt. The company announced plans to unload $89.2 million in debt last month through an auction process. But evidently, it hopes to capitalize on rising demand for its shares, which boomed yesterday after it released data on its lead drug candidate for non-Hodgkin’s lymphoma at the American Society of Clinical Oncology. The company has said it only has enough cash left to operate into August.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

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