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Cell Therapeutics sells $23 million of senior notes

By Associated Press
June 12, 2008 | Comments (0)

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Biopharmaceutical company Cell Therapeutics Inc. said Thursday one institutional investor will purchase $23 million worth of convertible senior notes due 2011.

The notes have an interest rate of 15 percent.

The buyer also has the right to purchase up to $44.5 million worth of additional shares in the future as part of an earlier agreement with the company.

Cell Therapeutics expects net proceeds of $12.7 million from the transaction. The company said it will use $11 million to retire the balance of convertible notes due June 15.

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