Cell Therapeutics to Sell Up to $72 Million Shares to Societe Generale in Financing Deal
SEATTLE -- Biotech drug maker Cell Therapeutics Inc. said Wednesday it signed a financing agreement with Societe Generale Group in which the French banking firm will purchase up to $72 million in new company shares to sell on the Italian market.
The company entered a step-up equity financing agreement, a Societe Generale financing product that is much like a capital increase offering the flexibility of a line of credit line.
Under terms of the agreement, Societe Generale will buy up to 45 million euros ($55 million) of Cell Therapeutics new common shares over the next 24 months, with the option to increase the amount to 60 million euros ($72 million).
Cell Therapeutics said the total amount of any capital raised will depend on actual financing needs over the lifetime of the agreement, and will reflect the market performance and trading volume of CTI shares.
SEATTLE -- Biotech drug maker Cell Therapeutics Inc. said Wednesday it signed a financing agreement with Societe Generale Group in which the French banking firm will purchase up to $72 million in new company shares to sell on the Italian market.
The company entered a step-up equity financing agreement, a Societe Generale financing product that is much like a capital increase offering the flexibility of a line of credit line.
Under terms of the agreement, Societe Generale will buy up to 45 million euros ($55 million) of Cell Therapeutics new common shares over the next 24 months, with the option to increase the amount to 60 million euros ($72 million).
Cell Therapeutics said the total amount of any capital raised will depend on actual financing needs over the lifetime of the agreement, and will reflect the market performance and trading volume of CTI shares.
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