Cell Therapeutics (NASDAQ: [[ticker:CTIC]]), the Seattle-based developer of cancer drugs, said today it is modifying an auction process in hopes to eliminate all of its $118.9 million in debt. The company announced plans to unload $89.2 million in debt last month through an auction process. But evidently, it hopes to capitalize on rising demand for its shares, which boomed yesterday after it released data on its lead drug candidate for non-Hodgkin’s lymphoma at the American Society of Clinical Oncology. The company has said it only has enough cash left to operate into August.
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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