Cell Therapeutics retires 7.5% convertibles, leaving just one series

By Toni Weeks

San Diego, May 2 - Cell Therapeutics, Inc. announced it deposited $10.6 million of cash with trustee U.S. Bank NA to discharge and retire the remainder of its 7.5% convertible senior notes due April 30, 2011.

There remains only one series of convertible senior notes on the company's balance sheet, chief executive officer James A. Bianco, M.D., said in a press release.

"We plan to retire the remaining outstanding convertible senior notes at maturity in December 2011, which would leave CTI free of any remaining convertible debt," he said.

Cell Therapeutics is a Seattle biopharmaceutical company that develops oncology products aimed at making cancer more treatable.

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