Navigation Links
Cell Therapeutics, Inc. Sells $64.5 million Units Consisting of Preferred Stock, New 2014 Convertible Senior Notes and Warrants to a Single Institutional Investor
Date:4/30/2008

Transaction also provides the Company and investor an option to sell or

purchase additional $67.5 million in securities

SEATTLE, April 30 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq: CTIC; MTA) today announced that it has entered into agreements to sell units of securities for approximately $64.5 million, including new Series E Convertible Preferred Stock (the "Preferred Stock"), 13.5% Convertible Senior Notes due 2014 (the "Notes") and warrants to purchase shares of common stock, no par value (the "Common Stock") to a single institutional investor. The aggregate price per unit was $0.3475 cents above the closing bid of $0.79 per share or $1.14 per unit. Also included is a one- year right for such investor to purchase up to $67.5 million of such securities in the future.

The 9,000 shares of Preferred Stock are convertible into 11,392,405 shares of Common Stock. The Preferred Stock, representing $9 million in stated value, can also be exchanged by such investor after 30 days into Notes. The $36 million initial principal amount of Notes bear interest at 13.5% per annum and are convertible at any time for shares of CTI common stock. The Notes feature a make-whole provision upon conversion entitling the holder to receive a fixed amount, less any interest paid before conversion. The Company expects to receive net proceeds of approximately $28.125 million from the initial closing of the offering. The Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of CTI.

The investor will also receive warrants to purchase 28.4 million shares of common stock with an exercise price of $0.95 per share (equal to 120% of today's closing bid
'/>"/>

SOURCE Cell Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. CardioVascular BioTherapeutics, Inc. Funding Wound Healing Trial with R&D Partnership
2. CardioVascular BioTherapeutics, Inc. Announces Update on Timing of Form 10-K Filing
3. Cell Therapeutics, Inc. Announces Receipt of Letter From the NASDAQ Stock Market Regarding Non-Compliance With the Minimum Bid Price Requirement
4. Cell Therapeutics, Inc. Announces Filing of Form 10-K
5. Blake M. Paterson MD, CEO and Co-founder of Alba Therapeutics, Wins Greater Baltimore Committee 2008 Leadership in Bioscience Award
6. Cell Therapeutics, Inc. (CTI) Invest Northwest Presentation to be Webcast
7. Mercury Therapeutics, Inc: Marquant Appointed to Advise on Strategic and Partnering Opportunities
8. Mercury Therapeutics, Inc: Lead Series of Indirect AMPK Activators Licensed to Makoto Life Sciences
9. Cell Therapeutics, Inc. (CTI) to Present at 7th Annual WBBA Invest Northwest Conference
10. Cell Therapeutics, Inc. (CTI) to Report Fourth Quarter and Year-End Financial Results on March 13
11. Cell Therapeutics, Inc. to Hold Conference Call to Update on Recent Transactions and Upcoming Milestones
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/26/2015)... , ... August 26, 2015 , ... ... announces today that a second US laboratory is to open in Manhattan, Kansas ... the continued partnership and long-term growth of research and development through collaboration with ...
(Date:8/26/2015)...  Platform therapeutic company Symic Biomedical, Inc. ("Symic") ... Phase II SBIR grant from the National Institutes ... agent to reduce arteriovenous fistula (AVF) failures, a ... disease (ESRD) patients undergoing hemodialysis. The two-year project, ... Digestive and Kidney Diseases (NIDDK), will allow Symic ...
(Date:8/26/2015)... , August 26, 2015 ... factors fueling the optimism in biotech,s forecast is ... and life sciences advancements.  Active biotechnology & healthcare ... BioSciences, Inc. (OTCQB: PBIO), Sequenom, Inc. (NASDAQ: ... ), Raptor Pharmaceutical Corp. (NASDAQ: RPTP ) ...
(Date:8/25/2015)... ... August 25, 2015 , ... Vets Plus, ... Knapp, Wis. The company has added a AS16 Sharples centrifuge to harvest products ... during bacterial or fungal fermentation process development. , The new centrifuge greatly ...
Breaking Biology Technology:MediVet Biologics Animal Health Secures Additional Laboratory Facility in Manhattan, Kansas 2MediVet Biologics Animal Health Secures Additional Laboratory Facility in Manhattan, Kansas 3Symic Biomedical Awarded $1.5MM NIH Phase II SBIR Grant to Develop its Proteoglycan Mimetic Therapeutics to Reduce Vascular Access Failures in ESRD 2Symic Biomedical Awarded $1.5MM NIH Phase II SBIR Grant to Develop its Proteoglycan Mimetic Therapeutics to Reduce Vascular Access Failures in ESRD 3New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 2New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 3New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 4New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 5New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 6New Collaborations & Mergers For Research of Molecular Biomarkers in Human Diseases & Clinical Trials for Cancer Therapies Fueling Growth in Multi-Billion Dollar Life Sciences Market 7New centrifuge and fermentor expand product development capacity at Vets Plus 2
... cells is vital for our bodies to function. Part ... called neurotransmitters. The vesicle fuses with the nerve cell ... the next nerve cell. It is crucial that new ... continuously to take place. If parts of this communication ...
... Cleveland Clinic initiates dosing in ASSERT Trial , TSX ... Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today ... Phase 2 clinical trial lead by Cleveland Clinic. This ... for the treatment of atherosclerosis, in patients with stable ...
... , SHANGHAI, Dec. 22 ... in China, announced today that,the company has received 2009 Deloitte ... year to win this award. The news was,announced at a ... Kong. , The Deloitte Technology Fast ...
Cached Biology Technology:New insight in nerve cell communication 2Resverlogix Commences Phase 2 Atherosclerosis Clinical Trial 2Resverlogix Commences Phase 2 Atherosclerosis Clinical Trial 3Resverlogix Commences Phase 2 Atherosclerosis Clinical Trial 4
(Date:7/31/2015)... Jul. 31, 2015 NXT-ID, Inc. (NASDAQ: NXTD ... focused on the growing mobile commerce market and creator ... filed provisional patent 62/198989 for ELECTRONIC CRYPTO-CURRENCY ... a method to advance crypto-currencies such as Bitcoin into ... common, uniform way to manage all payments.  ...
(Date:7/30/2015)... , July 30, 2015 Cellecta, Inc., ... gene function analysis and biomarker discovery, announced the ... Knockout Library targeting all human protein coding genes. ... "knock out" a gene,s function. Cellecta,s new Human ... throughput screening tool so that researchers can investigate ...
(Date:7/27/2015)... July 27, 2015   Zynx Health ™, ... clinical improvement solutions, today announced that its ... available on Android smartphones and tablets. With this ... organizations can use ZynxCarebook to securely exchange messages ... streamline care transitions to other care settings, and ...
Breaking Biology News(10 mins):NXT-ID Patents Electronic Crypto-Currency Management Technology 2NXT-ID Patents Electronic Crypto-Currency Management Technology 3NXT-ID Patents Electronic Crypto-Currency Management Technology 4CELLECTA, INC. Announces Launch of Human Whole Genome CRISPR Knockout Library 2Zynx Health Adds Android Device Support to ZynxCarebook Solution 2Zynx Health Adds Android Device Support to ZynxCarebook Solution 3
... at the University of Toronto, The Hospital for Sick ... British Columbia have identified a new treatment target for ... estimated 10% of common colds. The virus, called human ... reason for hospitalization of infants and children under two ...
... August 16th issue of Developmental Cell , researchers at ... that new blood vessels form in the right place and ... long time that blood vessels branch to give rise to ... this branching occurs with a reproducible pattern. However, the mechanisms ...
... A study out of York University has some refreshing ... Published today in the journal Applied Physiology, Nutrition and ... otherwise healthy live just as long as their slim counterparts, ... "Our findings challenge the idea that all obese individuals ...
Cached Biology News:Researchers map pathway of infection for a common, potentially life-threatening respiratory virus 2Fat and healthy? York U study finds slim isn't always superior 2
One-step, microplate or cuvet, colorimetric, detection range 0.1 mg/dL to 3 mg/dL. Procedure: 10 min....
Request Info...
Recombinant Mouse Wnt-3a...
... There are at least 20 structurally ... of the TGF-beta superfamily. BMPs were originally ... bone formation. They are also involved in ... organs. BMPs regulate the growth, differentiation, chemotaxis ...
Biology Products: