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CTI BioPharma closes preferred stock offering

Cell Therapeutics Inc. closed an underwritten public offering of 22,500 series N-3 preferred shares at $2,000 apiece for net proceeds of about $42.8 million.

The company will use the net proceeds to conduct a clinical trial, submit a new marketing authorization application for pacritinib to the European Medicines Agency, conduct additional research for the possible application of pacritinib in indications other than myelofibrosis, complete another clinical trial and for general corporate purposes.

Jefferies LLC acted as the sole book-running manager for the offering, with BTIG LLC as the lead manager.