Cell Therapeutics running out of cash

Seattle-based Cell Therapeutics is sending out an SOS signal to investors. "We have an immediate need to raise additional capital in the next thirty days in order to meet our operation needs," the company said in SEC documents. Cell Therapeutics also said that it does not have enough money to get through the current quarter. The biotech, which has yet to file its quarterly statement through June 30, stated that it ended the first quarter with $15.3 million in cash and $47.9 million in liabilities. The Seattle Times notes that CTI "subsequently raised a net $40 million in two financings."

- read the story in the Seattle Times