Cell Therapeutics (CTIC) Stock May 12, 2009

Cell Therapeutics ( CTIC ) stock is trading down in afterhours on May 11, 2009 because of two pieces of news released by the company. I actually think it's not so bad news. CTIC is selling stock at $1.25 while it was only $0.40 two weeks ago.

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CTIC Stock News - 5/12/09

Cell Therapeutics, Inc. Intends to Offer to Exchange up to $89.2 Million of its Outstanding Convertible Notes in a 'Modified Dutch Auction' Tender Offer.

Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that that its Board of Directors has authorized a "Modified Dutch Auction" tender offer (the "Exchange Offer") and that it intends to exchange shares of its common stock, no par value ("Common Stock"), and cash for up to approximately an aggregate of $89.2 million principal amount for the following outstanding shares of the Company's convertible notes (the "Notes"):

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Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $20 Million of Common Stock and Warrants

Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced that it has sold $20 million of shares of common stock at $1.25 per share and warrants to purchase shares of common stock in a registered offering to a single institutional investor. The Company currently expects to utilize up to $17.8 million in cash currently on hand and/or cash received in connection with this offering to pay for its anticipated tender offer to retire between $83.2 to $89.2 million of its convertible debt. The Company anticipates that the consideration for the tender offer will be in the range of $250 to $300 per $1,000 par value of the bonds.

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