Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced the successful closing of its previously announced sale of $4.06 million of securities to an accredited investor in a private offering pursuant to Section 4(2) of the Securities Act of 1933, as amended. The sold securities consist of 4,060 shares of Series 6 preferred stock, no par value per share, together with warrants to purchase an aggregate of 5.8 million shares of common stock. Prior to the closing date, the investor elected to convert all of its shares of Series 6 preferred stock and to receive the 11.6 million shares of the Company's common stock issuable upon such conversion at the closing.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the offering.
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