Cell Therapeutics (NASDAQ: [[ticker: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.
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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