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CTI BioPharma prices $45M preferred stock offering

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CTI BioPharma prices $45M preferred stock offering

CTI BioPharma Corp. priced an underwritten public offering of 22,500 series N-3 preferred stock at $2,000 apiece to raise $45 million in gross proceeds.

The company had originally planned to issue the stock at $1,000 apiece. The stocks are convertible into common shares of the company at a rate of $3 apiece for a total of about 15 million common shares.

CTI plans to use the net proceeds to conduct its PAC203 clinical trial, submit a new marketing authorization application for pacritinib with the European Medicines Agency, conduct research for the possible application of pacritinib in indications other than myelofibrosis and complete its PIX306 clinical trial.

Jefferies LLC is acting as the sole book-running manager for the offering, while BTIG LLC is acting as its lead manager.

The offering is expected to close by June 9.