SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Biotech / Medical : Cell Therapeutics (CTIC)
CTIC 9.0900.0%Jun 26 5:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Icebrg6/21/2008 2:13:29 AM
  Read Replies (1) of 946
 
Cell Therapeutics loses equity line of credit

In a filing this afternoon, Cell Therapeutics said that French bank Societe Generale had withdrawn an $88 million equity line of credit from the company.

Under the equity line of credit, Cell Therapeutics can sell up to $88 million of its shares to Societe Generale. In January, Cell Therapeutics raised $1.3 million by selling shares to the bank.

In the filing, Cell Therapeutics said that Societe Generale had terminated the agreement because there had been a "material adverse change under the Financing Agreement."

In its last annual report, Cell Therapeutics reported that its accounting firm had said there was "substantial doubt as to (the company's) ability to continue as a going concern." In addition, Nasdaq notified Cell Therapeutics that its stock could be delisted from the exchange.

Cell Therapeutics is challenging Societe Generale's decision, saying in the filing:

CTI disagrees with Société Générale's allegations that such events permit Société Générale to terminate the Financing Agreement and CTI is reviewing its options to cause Société Générale to continue to provide financing under the Financing Agreement, although there can be no assurance that Société Générale will do so.

blog.seattlepi.nwsource.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News