By Laura Lutz
Des Moines, Nov. 30 - Cell Therapeutics, Inc. arranged a $6.5 million direct placement of 7% convertible preferred stock and warrants.
The company plans to sell its series D convertible preferred stock at $1,000 per preferred share. The preferreds will be convertible into common stock at $2.6125 per common share beginning on Dec. 3.
Investors will also receive warrants for half of the number of shares into which their preferreds are convertible. The warrants will be exercisable at $2.55, beginning six months after issuance.
Proceeds will be used for Cell Therapeutics' acquisition of the Zevalin product from Biogen Idec Inc. and for general corporate purposes.
Seattle-based Cell Therapeutics develops, acquires and commercializes treatments for cancer.
| Issuer: | Cell Therapeutics, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $6.5 million
|
| Shares: | 6,500
|
| Dividends: | 7%
|
| Price: | $1,000
|
| Warrants: | For half number of shares into which preferreds are convertible
|
| Warrant strike price: | $2.55
|
| Pricing date: | Nov. 30
|
| Stock symbol: | Nasdaq: CTIC
|
| Stock price: | $2.55 at close Nov. 29
|
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