SEATTLE, July 1 Cell Therapeutics, Inc. ("CTI") (Nasdaq and MTA: CTIC) today announced that it has deposited $39.3 million in cash as trust funds with U.S. Bank National Association, as the trustee of the outstanding 4% convertible senior subordinated notes (the "Notes"), which is an amount sufficient to pay and discharge the entire amount due on the Notes, including accrued and unpaid interest.
"We are pleased that with recent successful financings we were in a position to retire all of our Notes with a maturity in 2010," said James A. Bianco, M.D., CEO of CTI. "This should eliminate shareholder concerns over our ability to repay the Notes with a maturity in 2010, and we will continue our focus on moving our products forward through the clinic and the regulatory approval process as expeditiously as possible."
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.celltherapeutics.com.
This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of CTI's securities. Specifically, the risks and uncertainties that could affect the development of CTI's products include risks associated with preclinical and clinical developments in the biopharmaceutical industry, including, without limitation, that CTI may experience unexpected delays in the regulatory approval process of its products, CTI's ability to continue to raise capital as needed to fund its operations, competitive factors, technological developments, costs of developing, producing and selling CTI's product candidates, and the risk factors listed or described from time to time in CTI's filings with the Securities and Exchange Commission including, without limitation, CTI's most recent filings on Forms 10-K, 10-Q and 8-K. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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SOURCE Cell Therapeutics, Inc.