Biotechnology Business
Cell Therapeutics, Inc. Announces Issuance of $23.25 Million in New Convertible Senior Notes in Exchange for $36.08 Million of Existing Convertible Senior Subordinated and Subordinated Notes
Published in Drug Law Weekly, December 25th, 2007
Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTAX: CTIC) announced that it issued approximately $23.25 million of its new 5.75% Convertible Senior Notes (the "New Notes") due 2011 and 5,459,574 shares of its common stock, no par value (the "Common Stock") in exchange for approximately $10.5 million of its outstanding 5.75% Convertible Senior Subordinated Notes due 2008 (the "Senior Subordinated Notes") and approximately $25.6 of its outstanding 5.75% Convertible Subordinated Notes due 2008 (the "Subordinated Notes"). The New Notes and Common Stock were issued in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the...
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Source: Drug Law Weekly (2007-12-25)
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