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$15m crutch helps limping Cell Therapeutics

This article was originally published in Scrip

Executive Summary

Cell Therapeutics (CTI) will sell 15,000 shares of Preferred Stock in a direct offering to Quogue Capital for net proceeds of $14.8m to support further Phase III studies on myelofibrosis drug pacritinib, and support European commercialization of its struggling lymphoma drug, Pixuvri. Seattle-based CTI, whose stock has nosedived over the past two years, has burned through nearly $22m in the first half of 2013. The company had over $25m in cash as the end of 1H 2013. On news of the financing, CTI stock leapt to around $1.37 when the news was announced, up from $1.09 at the previous day's close.

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