Cell Therapeutics issues $51.7M in notes, stock dives 42 percent
March 5th, 2008
Cell Therapeutics Inc. said it issued $51.7 million in new convertible senior notes on Tuesday, the same day that shares in the company plummeted more than 42 percent.
Shares in the Seattle-based biotech (NASDAQ: CTIC) plunged 55 cents to close at 74 cents in Tuesday trading.
Company officials said they'll hold a conference call on Wednesday morning to "discuss the company's recent transactions targeting cleaning up the capital structure."
Cell Therapeutics said in a statement that the notes bear 9 percent annual interest and "will rank equal in right of payment with all existing and future senior indebtedness" of the company http://abc-cashadvance.com.
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