Pixantrone Developer, Cell Therapeutics, Inc. (CTIC), Announces $4.06 Million Private Placement
July 26th, 2010 at 10:25 am Posted by Deina Rostiana
Cell Therapeutics, Inc. (NASDAQ: CTIC) is a biopharmaceutical company working to develop, acquire and commercialize oncology products for the treatment of cancer.
Pixantrone, the Company’s clinical trial product for the treatment of non-Hodgkin’s lymphoma and other hematologic malignancies, and solid tumors, is the first aza-anthracenedione to reach advanced clinical development, and was designed to improve the efficacy, and reduce the toxicity, associated with anthracyclines and anthracenediones. This next-generation treatment has undergone Phase III clinical trials to explore the role of pixantrone as a single-agent for the treatment of patients with relapsed or refractory aggressive for non-Hodgkin’s lymphoma who have failed two or more prior therapies.
In mid-June, CTIC announced the signing of a five-year manufacturing deal with NerPharMa Srl of Italy. Under this agreement, NerPharMa will continue manufacture pixantrone for use in clinical testing, and for its commercial sale, if the drug is approved.
Early this morning, CTIC announced it has entered into an agreement to sell $4.06 million of securities to an accredited investor in a private offering. The agreement scheduled to close “on or about July 27, 2010,” consists of 4,060 shares of Series 6 preferred stock, together with warrants to purchase an aggregate of 5.8 million shares of common stock.
So far this morning, CTIC has seen 1,988,011 shares worth of volume, and is currently trading down 4.64% at $0.40 per share.
