Cell Therapeutics has raised $25 million by granting preferred stock and warrants to a single unnamed institutional investor. In a statement, the company says it intends to use the net proceeds from the offering for general corporate purposes, including among other things, paying interest on or retiring portions of its outstanding debt, funding R&D, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital.
In November, Nasdaq gave Cell Therapeutics another 180 days to regain compliance with its $1.00 minimum bid price rule. This is Cell Therapeutics second warning; in early May, Nasdaq notified the company that it was trading below the minimum price and had six months to achieve compliance.
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- read the Xconomy story