Cell Therapeutics (NASDAQ: [[ticker:CTIC]]), the Seattle-based developer of cancer drugs, said today it has raised $21 million through an offering of preferred stock to three institutional investors. The company’s lead drug candidate, pixantrone for non-Hodgkin’s lymphoma, was rejected by the FDA last month. Cell Therapeutics said it plans to use the new financing to pay down some of its debt, finance R&D, prepare new drug applications, and for other corporate purposes.
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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