CTI BioPharma Corp. (“CTI”) (NASDAQ: CTIC) this morning priced its underwritten public offering of 22,500 shares of its Series N-3 Preferred Stock at $2,000 per share. The company said it expects gross proceeds from the offering of $45 million. Net proceeds will be used to conduct the PAC203 clinical trial; submit a new Marketing Authorization Application for pacritinib to the European Medicines Agency; conduct additional research concerning the possible application of pacritinib in indications outside of myelofibrosis; and complete the PIX306 clinical trial, as well as for general corporate purposes, which may include funding research and development, conducting preclinical and clinical trials, acquiring or in-licensing potential new pipeline candidates, preparing and filing possible new drug applications and general working capital. The Offering is expected to close on or about June 9, 2017, subject to customary closing conditions. Shares of CTIC are down more than 10% at $3.62 mid-day, earlier setting a new 52-week low of $3.
To view the full press release, visit http://nnw.fm/fR6At
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. CTI BioPharma has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington.
NetworkNewsBreaks (NNB) provide a rapid summary of corporate news that caught the attention of NetworkNewsWire (NNW). NNB keeps you up-to-date on active US Public Companies complementary to NNW’s broader scope as a provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer