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CTI BioPharma plans public offering of preferred stock

CTI BioPharma plans to sell series N-3 convertible preferred stock at $1,000 apiece in an underwritten public offering.

The company said it plans to use net proceeds for the development and marketing approval of its bone marrow drug pacritinib, as well other clinical trials and general corporate purposes.

Jefferies LLC will act as the sole book-running manager for the offering, which will be priced at a later date.