Biotech, Finances, cancer

Cell Therapeutics Dumps $52.9M Debt

Luke Timmerman 6/19/09

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 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.