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Cell Therapeutics issues $15mm in preferred shares

Executive Summary

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.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Other
    • Private Placement

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