>>Having missed the good window, I wonder if CTIC can't wait until there's some actual excitement about those results or pixantrone's some months down the road.>>
Evidently not.
Cell Therapeutics, Inc. Announces Pricing of Upsized Public Offering of 9,000,000 Shares of Common Stock
Wednesday July 28, 3:03 am ET
SEATTLE, July 28 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; Nuovo Mercato) today announced the pricing of the underwritten public offering of 9,000,000 shares of its common stock at a public offering price of $4.75 per share. These shares were sold under an existing shelf registration statement. The offering was increased by 1,000,000 shares over the proposed offering announced on July 14, 2004. In connection with this offering, CTI has granted the underwriters an option to purchase up to 1,350,000 additional shares to cover over-allotments. All shares are being sold by CTI.
Bianco had a couple of words about this during the cc. Basically he said that he has learned during his 13 years in Biotech that it is too risky to wait for the best opportunity. It is better to take the money when it is available even if it hurts. Which it indeed does in this case. Before this issue there was roughly 50 million shares outstanding, so 20 % of the company is more or less given away at a price of 4.75 USD per share. The reason according to Bianco for the share issue is the fact that it takes so long to wait for the Stellar 3 results. These are 6 months delayed compared to what CTIC believed when they had completed the enrollment.
Erik |
