 |
| Cell Therapeutics Inc |
Cell Therapeutics, Inc. ("CTI") (NASDAQ: CTIC) today announced that it has deposited $10.6 million in cash as trust funds with U.S. Bank National Association, as the trustee of the outstanding 7.5% convertible senior notes (the "Notes"), which is an amount sufficient to pay and discharge the entire amount due on the Notes, including accrued and unpaid interest.
"Due to our successful efforts last year that resulted in a significant reduction of our debt, along with the retirement of the Notes, there now remains only one series of convertible senior notes on the balance sheet. We plan to retire the remaining outstanding convertible senior notes at maturity in December 2011, which would leave CTI free of any remaining convertible debt," said James A. Bianco, M.D., CEO of CTI.
"Due to our successful efforts last year that resulted in a significant reduction of our debt, along with the retirement of the Notes, there now remains only one series of convertible senior notes on the balance sheet. We plan to retire the remaining outstanding convertible senior notes at maturity in December 2011, which would leave CTI free of any remaining convertible debt," said James A. Bianco, M.D., CEO of CTI.
Earlier company has announced in a press release that purchase of its preferred shares and warrants by 3 institutional investors on April 28 2011.
Each share of Series 12 Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 2,857 shares of common stock at a conversion price of $0.35 per share of common stock, for a total of 45,634,286 shares of common stock.
Company is very small biotech and is able to sell securities and raise capital means company has something under development, which gives enough confidence to institutional investors to buy those securities and for small investors this might be a point of entry for higher returns.
(Source: PR Newswire )
0 comments