By Sheri Kasprzak
New York, Sept. 18 - Cell Therapeutics, Inc. has secured agreements to settle a $15 million private placement of its stock with Novartis Pharma AG.
Novartis agreed to buy 8,670,520 shares at $1.73 each.
The offering is being conducted as part of Cell Therapeutics' license and co-development agreement with Novartis International Pharmaceutical Ltd., a subsidiary of Novartis Pharma AG, to develop and commercialize Xyotax, Cell Therapeutics' treatment for lung cancer.
Cell Therapeutics, based in Seattle, develops treatments for cancer.
| Issuer: | Cell Therapeutics, Inc.
|
| Issue: | Stock
|
| Amount: | $15 million
|
| Shares: | 8,670,520
|
| Price: | $1.73
|
| Warrants: | No
|
| Investor: | Novartis Pharma AG
|
| Announcement date: | Sept. 18
|
| Stock symbol: | Nasdaq: CTIC
|
| Stock price: | $1.95 at close Sept. 15
|
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