Cell Therapeutics exchanges $9.1 million convertibles for stock

New York, Feb. 13 - Cell Therapeutics, Inc. said it exchanged $8.943 million principal amount of its 5.75% convertible senior subordinated notes due 2008 and $150,000 principal amount of its 5.75% convertible subordinated notes due 2008 for 6.85 million shares.

The exchange covered accrued interest on the convertibles.

Following the transaction, the Seattle-based developer of cancer treatments has $10.7 million of convertibles still outstanding. They mature in June.

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