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CTI Gets $38M From Stock Sale

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 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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