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Biotechnology Business
Cell Therapeutics, Inc. (CTI) Announces Cancellation of Approximately $9.1 Million of Existing Notes due 2008
March 1st, 2008
Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq: CTIC; MTAX) announced that it exchanged $8.943 million in aggregate principal of its outstanding 5.75% Convertible Senior Subordinated Notes due 2008 (the "Senior Subordinated Notes") and approximately $150,000 in aggregate principal of its outstanding 5.75% Convertible Subordinated Notes due 2008 (the "Subordinated Notes," and together with the Senior Subordinated Notes, the "Notes"), together with the accrued and unpaid interest on the Notes, for approximately 6.85 million shares of the Company's common stock, no par value (the "Common Stock"). The Common Stock was issued in a private placement exempt from the registration...
Source: Law & Health Weekly (2008-03-01)
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