Cell Therapeutics Dumps $52.9M Debt

Luke Timmerman6/19/09

Cell Therapeutics (NASDAQ: CTIC), the Seattle-based developer of cancer drugs, said today it has gotten rid of $52.9 million worth of debt, or about 44 percent of its total debtload. The company had sought to unload all of its $118.9 million in debt, but ended up paying out $7.1 million in cash and 24.2 million shares in exchange for the smaller amount of debt relief.

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.