NetworkNewsBreaks – CTI BioPharma Corp. (NASDAQ: CTIC) Prices $45M Offering of Convertible Preferred Stock; Shares Down, but Lift from New 52-Week Low

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.

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