CTI BioPharma Corp. announced that it has entered into an agreement with institutional investors to purchase 10 million shares of the Company’s common stock in a registered direct offering conducted without an underwriter or placement agent for gross proceeds to the Company of approximately $15.7 million at a purchase price per share of $1.57 (the “Offering”), equal to the consolidated closing bid price on The NASDAQ Global MarketSM on September 23, 2015. The net proceeds from the Offering, after deducting estimated offering expenses, will be approximately $15.1 million.
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CTI BioPharma plans to use the net proceeds from the Offering to support the continued clinical development of its lead product candidate, pacritinib, as a potential new treatment for patients with myelofibrosis, and additional research into new indications outside of myelofibrosis, and for general corporate purposes. The Offering is expected to close on or about September 29, 2015.
The shares of common stock are being offered by CTI BioPharma pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”), which the SEC declared effective on December 8, 2014. A prospectus supplement related to the Offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Alternatively, CTI BioPharma will arrange to send you the prospectus supplement and the accompanying prospectus upon request to CTI BioPharma Investor Relations by calling (206) 272-4345 or writing invest@ctibiopharma.com.
CTI BioPharma plans to use the net proceeds from the Offering to support the continued clinical development of its lead product candidate, pacritinib, as a potential new treatment for patients with myelofibrosis, and additional research into new indications outside of myelofibrosis, and for general corporate purposes. The Offering is expected to close on or about September 29, 2015.
The shares of common stock are being offered by CTI BioPharma pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”), which the SEC declared effective on December 8, 2014. A prospectus supplement related to the Offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Alternatively, CTI BioPharma will arrange to send you the prospectus supplement and the accompanying prospectus upon request to CTI BioPharma Investor Relations by calling (206) 272-4345 or writing invest@ctibiopharma.com.
