Struggling Cell Therapeutics has raised enough money to stay afloat. The Seattle-based biotech says it has gained $15 million from a single investor. Though the company refused to disclose the investor's name, regulatory filings indicate that Cranshire Capital provided the funds. Cranshire also has the right to purchase an additional $5 million in shares within 60 days.
Cell Therapeutics has been running low on cash for some time now. The company has cut almost 100 jobs, closed its Italian drug unit and sold off half its rights to the lymphoma drug Zevalin. Just last month, the developer brought in a financial adviser to help the company evaluate its strategic alternatives. This cash infusion may keep Cell Therapeutics alive long enough to get the FDA's decision on its non-Hodgkin's lymphoma drug pixantrone, which is expected by the end of this year. However, the developer is still hoping to secure a partnership deal with a larger company that could help market pixantrone if it wins approval.
- check out Cell Therapeutics' release
- see the report