Cell Therapeutics Adds $21M

5/24/10Follow @xconomy

Cell Therapeutics (NASDAQ: CTIC), the Seattle-based developer of cancer drugs, said today it has raised $21 million through an offering of preferred stock to three institutional investors. The company’s lead drug candidate, pixantrone for non-Hodgkin’s lymphoma, was rejected by the FDA last month. Cell Therapeutics said it plans to use the new financing to pay down some of its debt, finance R&D, prepare new drug applications, and for other corporate purposes.

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