Cell Therapeutics Adds $21M

10/20/10Follow @xconomy

Cell Therapeutics (NASDAQ: CTIC), the Seattle-based developer of cancer drugs, said today it has raised $21 million through a securities offering to four institutional investors. The investors will get preferred stock worth the equivalent of 56.7 million shares of common stock, and warrants to buy another 22.7 million shares of common stock. Cell Therapeutics struck the agreement a little more than a month after shareholders authorized further stock sales, just as the company said it was in danger of running out of money.

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