Cell Therapeutics, Inc. ("CTI") (Nasdaq and MTA: CTIC) today announced that it has deposited $39.3 million in cash as trust funds with U.S. Bank National Association, as the trustee of the outstanding 4% convertible senior subordinated notes (the "Notes"), which is an amount sufficient to pay and discharge the entire amount due on the Notes, including accrued and unpaid interest.
"We are pleased that with recent successful financings we were in a position to retire all of our Notes with a maturity in 2010," said James A. Bianco, M.D., CEO of CTI. "This should eliminate shareholder concerns over our ability to repay the Notes with a maturity in 2010, and we will continue our focus on moving our products forward through the clinic and the regulatory approval process as expeditiously as possible."
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