Cell Thera repays $11m of debt
Seattle, USA-based Cell Therapeutics has repaid the remaining balance, including accrued interest, of its 2008 convertible notes which reached maturity on June 15, through a cash payment of approximately $11.0 million. The company currently has no debt maturing before third-quarter 2010.
"Retiring this last piece of current debt provides the company more than 24 months to deliver our sales and product milestones before any additional convertible notes become due," said James Bianco, chief executive of Cell Therapeutics.
The cash payment for the retirement of the 2008 convertible notes is the most recent step taken by the company to improve its financial position including previously restructuring and retiring other convertible debt and preferred securities as well as recent financings that increased its cash position and institutional investor ownership.
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