Cell Therapeutics, the Seattle-based developer of cancer drugs, said today it has raised $44.5 million in convertible debt and warrants from a single institutional investor it didn’t name. The notes, which come at 18.3 percent interest and come due in 2011, can convert to stock if Cell Therapeutics’ shares climb above 79 cents. Late Friday, the company said it needed to raise cash within 30 days to keep operating. Shares in the company closed yesterday at 38 cents.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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