Cell Thera licenses $65M stock to investor
USA-based firm Cell Therapeutics has entered into an agreement to sell shares and securities worth approximately $64.5 million, or $0.79 per share, to an unnamed investor.
The securities will include $9.0 million of new preferred stock, $36.0 million of senior notes due 2014 and warrants to purchase shares of common stock. The investor will also receive a one-year entitlement to purchase a second round of $67.5 million worth of similar notes and warrants.
The company expects to receive net proceeds of approximately $28.1 million from the initial closing of the offering. It intends to use part of the revenue to retire a remaining balance of $10.8 million worth of notes due June 15, raised to pay Biogen Idec for rights to Zevalin (ibritumomab tiuxetan; Marketletter September 3, 2007) in the USA.
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