CTI BioPharma down on $50 mln stock offering

CTI Biopharma

01/04/2021 11:04

** CTI BioPharma Corp  CTIC.O  down ~11% premarket after co
prices stock offerings
    ** Drug developer sells ~14.3 mln shares of common and 600
shares of preferred stock, raises ~$50.7 mln  urn:newsml:reuters.com:*:nPn4S05v7a
    ** Common offer price of $2.50 represents ~14% discount to
stock's Weds close
    ** Co plans to use net offering proceeds for
ommercialization activities for pacritinib, general working
capital and corp purposes
    ** CTIC has ~76.7 mln shares outstanding for ~$223 mln
market cap, per Refinitiv data
    ** Stifel and JMP Secs jt bookrunners for offering
    ** Last week, CTIC said pacritinib showed promise in
early-stage study for prevention of graft-versus-host disease
(GVHD), complication that can occur after stem cell or bone
marrow transplant  urn:newsml:reuters.com:*:nL4N2LK3RB  urn:newsml:reuters.com:*:nPnV1twZa
    ** CTIC shares have lost 9.6% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))