CTI BioPharma (CTIC) Launches Follow-On Offering of Common Stock
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.