SEATTLE, March 6, 2020 /PRNewswire/ -- CTI BioPharma
Corp. (Nasdaq: CTIC) today announced the closing of its previously
announced rights offering (the "Rights Offering"). At the
closing, CTI BioPharma sold and issued an aggregate of 15,698,995
shares of its common stock (the "Common Stock") and an aggregate of
4,429.2423 shares of its series X convertible preferred stock (the
"Series X Preferred") pursuant to the exercise of subscription
rights and Oversubscription Rights in the Rights Offering by
existing holders of CTI Biopharma's Common Stock and series O
convertible preferred stock. The Rights Offering was fully
backstopped by certain existing stockholders of CTI BioPharma who
agreed to purchase any shares of Common Stock and/or Series X
Preferred offered in the Rights Offering that were not subscribed
for (the "Oversubscription Rights"). CTI BioPharma raised aggregate
gross proceeds of approximately $60.0
million in the Rights Offering.
Of the total shares of Common Stock and Series X Preferred sold
and issued in the Rights Offering, certain affiliates of BVF
Partners L.P. purchased 3,047 shares of Series X Preferred,
Stonepine Capital, LP purchased 3,267,127 shares of Common Stock
and 673.2873 shares of Series X Preferred, OrbiMed Private
Investments VI, LP purchased 4,520,600 shares of Common Stock and
298 shares of Series X Preferred and New Enterprise Associates,
Inc. purchased 3,390,450 shares of Common Stock and 410.955 shares
of Series X Preferred, in each case, pursuant to the exercise of
their subscription rights and Oversubscription Rights.
The Rights Offering was made pursuant to CTI BioPharma's
effective shelf registration statement on file with the Securities
and Exchange Commission (the "SEC") and a prospectus supplement and
accompanying prospectus filed with the SEC on February 14, 2020.
JMP Securities served as financial advisor to CTI BioPharma in
connection with the Rights Offering.
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused
on the acquisition, development and commercialization of novel
targeted therapies for blood-related cancers that offer a unique
benefit to patients and their healthcare providers. In particular,
CTI BioPharma is focused on evaluating pacritinib for the treatment
of adult patients with myelofibrosis. CTI BioPharma is
headquartered in Seattle, Washington.
"CTI BioPharma" and the CTI BioPharma logo are
registered trademarks or trademarks of CTI BioPharma
Corp. in various jurisdictions. All other trademarks belong to
their respective owner.
CTI BioPharma Investor Contacts:
Maeve Conneighton/Maghan
Meyers
+212-600-1902
cti@argotpartners.com
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SOURCE CTI BioPharma Corp.