CTI Gets $38M From Stock Sale
Luke Timmerman7/23/09
Cell Therapeutics raised $38.1 million through its underwritten public offering. The company (NASDAQ: CTIC) sold 29.3 million shares at $1.30 apiece, plus warrants to buy shares. The price was about a 20 percent discount to the $1.63 per share market closing price before the deal was announced. This money will be used to pay down some of the company’s $66 million in debt, and keep operating while it awaits word from the FDA on whether it will approve the company’s pixantrone treatment for non-Hodgkin’s lymphoma.
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.
