By Rebecca Melvin
New York, Oct. 5 - Cell Therapeutics Inc. priced an upsized $60 million of series 17 convertible preferreds, or 60,000 preferred shares at $1,000 each, which are convertible into shares after 30 days and are convertible at the holders' option at any time, according to a regulatory filing.
The registered, off-the-shelf offering was initially seen being $40 million in size.
The preferred stock is convertible into about 714 shares of common stock at a conversion price of $1.40 per share of common stock for a total of approximately 42.9 million shares of common stock.
Jefferies & Co. was the bookrunner for the offering.
The dual-listed biopharmaceutical company said that proceeds will be used to support the launch of Pixuvri (pixantrone) in Europe and to commence phase 3 trials of pacritinib, as well as for general corporate purposes, which may include funding research and development, preclinical and clinical trials, preparation of New Drug Applications, the acquisition of complementary businesses, technologies or products and general working capital.
Seattle-based Cell Therapeutics is a biopharmaceutical company focused on developing cancer treatments. It is listed on the Nasdaq capital market and on the Mercato Telematico Azionario stock market in Italy under the ticker symbol CTIC.
| Issuer: | Cell Therapeutics Inc.
|
| Issue: | Convertible preferred shares
|
| Amount: | $60 million, upsized from $40 million
|
| Bookrunner: | Jefferies & Co. Inc.
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| Co-managers: | Roth Capital Partners LLC, ThinkEquity LLC
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| Price: | Par, $1,000
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| Initial conversion price: | $1.40
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| Distribution: | Registered, off the shelf
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 11
|
| Stock symbol: | Nasdaq and Italy: CTIC
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| Market capitalization: | $66.8 million
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