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Cell Therapeutics Announces Proposed Public Offering Of Convertible Preferred Stock

Stocks in this article: CTIC

SEATTLE, Oct. 4, 2012 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI") (Nasdaq and MTA: CTIC) today announced that it intends to offer and sell, subject to market and other conditions, 40,000 shares of its Series 17 Preferred Stock in an underwritten public offering(the "Offering").  Each share of Series 17 Preferred Stock will have a stated value of $1,000 per share and will be convertible at the option of the holder, at any time after issuance, into shares of common stock prior to the automatic conversion of such shares in certain circumstances.  Shares of the Series 17 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock, but would be entitled to a liquidation preference over the common stock in certain liquidation events.  The Series 17 Preferred Stock will have no voting rights on general corporate matters.

CTI plans to use the net proceeds from this Offering to support the launch of Pixuvriâ„¢ (pixantrone) in Europe and to commence phase III trials of pacritinib as well as for general corporate purposes, which may include, among other things, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications, the acquisition of complementary businesses, technologies or products and general working capital.  There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.  The price at which the shares of Series 17 Preferred Stock will be sold to the public, the number of shares of common stock into which each share of Series 17 Preferred Stock will be convertible, the relevant conversion price and the liquidation preference will be announced, as soon as defined, through a press release.

Jefferies & Company, Inc. is acting as sole book-running manager for the Offering.  Roth  Capital Partners, LLC and ThinkEquity LLC are acting as co-managers for the Offering.

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