Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 9:58 AM
|This Slide: #543 of 573|
Slide #543. Cell Therapeutics, Inc. — Preferred Stock Offering
Cell Therapeutics, Inc. (NASDAQ:CTIC)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Cell Therapeutics, Inc. announced the pricing of an underwritten public offering of 60,000 shares of its Series 17 Preferred Stock, offered at a price to the public of $1,000 per share of Series 17 Preferred Stock (the "Offering"). Each share of Series 17 Preferred Stock is convertible at the option of the holder, at any time, into approximately 714 shares of common stock at a conversion price of $1.40 per share of common stock, for a total of approximately 42.9 million shares of common stock. The shares of Series 17 Preferred Stock will automatically convert into shares of common stock 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 BioPharma is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies for blood-related cancers. Co. is focused on evaluating pacritinib, its key product candidate in development for the treatment of adult patients with myelofibrosis. Pacritinib is an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1 and CSF1R. In addition to myelofibrosis, the kinase profile of pacritinib suggests its potential therapeutic utility in conditions such as acute myeloid leukemia, myelodysplastic syndrome, chronic myelomonocytic leukemia and chronic lymphocytic leukemia due to its inhibition of c-fms, IRAK1, JAK2 and FLT3.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 93% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com