Cell Therapeutics raised $38.1 million through its underwritten public offering. The company (NASDAQ: [[ticker: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.
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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