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CTI BioPharma to raise funds for clinical trial

CTI BioPharma Corp. is looking to raise funds to complete a study of its bone marrow disorder drug pacritinib, among other things.

The Seattle-based biotechnology company said it is planning an underwritten public offering of common stock with Leerink Partners acting as sole book-running manager and JMP Securities as senior lead manager.

Needham & Co. and Oppenheimer & Co. will act as lead managers.

The offering will help raise funds for an ongoing phase 2 study known as PAC203 which is designed to support a pacritinib dosage selection decision.

Information from the study will be used to support the approval of the drug in Europe.