Cell Therapeutics issues $15mm in preferred shares

Cell Therapeutics (cancer) raised $15mm through the sale to Cranshire Capital of 15k Series 1 preferred shares for $1k each and five-year warrants to purchase 22.5mm common shares at an exercise price of $0.41 apiece. The preferred shares convert to common at $0.30 each, or an aggregate of 50mm common shares. The investor also has a 60-day option to buy an additional $5mm of Series 1 shares (and no additional warrants) under the same terms as the initial purchase. Rodman & Renshaw was the placement agent.