CTI BioPharma Announces Launch of Follow-On Offering
SEATTLE, Feb. 5, 2018 /PRNewswire/ -- CTI BioPharma Corp. (CTI BioPharma) (NASDAQ: CTIC) today announced the launch of a proposed underwritten public offering of shares of its common stock. In addition, CTI BioPharma expects to grant the underwriters a 30-day option to purchase additional shares of its common stock. The Company intends to use the net proceeds of the offering to complete the PAC203 clinical trial, complete the review of the pacritinib MAA by the EMA, conduct additional research concerning the possible application of pacritinib in indications outside of myelofibrosis, and complete the PIX306 clinical trial, as well as for general corporate purposes, which may include funding research and development, conducting preclinical and clinical trials, acquiring or in-licensing potential new pipeline candidates, preparing and filing possible new drug applications and general working capital.
Leerink Partners is acting as sole book-running manager for the offering. JMP Securities is acting as senior lead manager, and Needham & Company and Oppenheimer & Co. are acting as lead managers.
The securities are being offered by CTI pursuant to a registration statement on Form S-3 relating to the common stock offered in the public offering described above, which was filed with the Securities and Exchange Commission (SEC) and has been declared effective by the SEC. The offering will be made only by means of a written prospectus that forms a part of the registration statement. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus and the accompanying prospectuses relating to the offering, may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 800-808-7525, ext. 6132 or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. CTI BioPharma has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington.
This press release includes forward-looking statements, which are within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of the CTI's securities. Such statements include, but are not limited to, statements regarding CTI's expectations with respect to the completion, timing and size of its proposed Offering and use of the expected net proceeds from the Offering. The statements are based on assumptions about many important factors and information currently available to us to the extent we have thus far had an opportunity to fully and carefully evaluate such information in light of all surrounding facts, circumstances, recommendations and analyses. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks associated with market conditions and the satisfaction of customary closing conditions related to the proposed Offering, the biopharmaceutical industry in general and with CTI and its product and product candidate portfolio in particular including, among others, risks associated with the following: that CTI cannot predict or guarantee the outcome of preclinical and clinical studies, the potential failure of pacritinib to prove safe and effective as determined by the FDA and/or the European Medicines Agency, changes to study protocol or design or sample size to address any patient safety, efficacy or other issues raised by the FDA or otherwise, that clinical trial results observed to date may differ from future results or that different conclusions or considerations may qualify such results once existing data has been more fully evaluated, that CTI may not obtain favorable determinations by other regulatory, patent and administrative governmental authorities, that CTI may experience delays in the commencement of preclinical and clinical studies, that the costs of developing pacritinib and CTI's other product candidates may rise, other risks, including, without limitation, competitive factors, technological developments, that CTI may not be able to sustain its current cost controls or further reduce its operating expenses, that CTI may not achieve previously announced goals, contractual milestones and objectives as or when projected, that CTI's average net operating burn rate may increase, that CTI will continue to need to raise capital to fund its operating expenses, but may not be able to raise sufficient amounts to fund its continued operation as well as other risks listed or described from time to time in CTI 's most recent filings with the SEC on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.
CTI BioPharma Investor Contacts:Tricia Truehart+1 646 378 firstname.lastname@example.org
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SOURCE CTI BioPharma Corp.