Cell Therapeutics shares fell 17. 4 percent today after the Seattle biotechnology company said it had issued 6. 85 million shares of stock...

Share story

Cell Therapeutics shares fell 17.4 percent today after the Seattle biotechnology company said it had issued 6.85 million shares of stock to cancel $9.1 million of convertible debt due in June 2008.

The stock closed down 29 cents at $1.38.

The company had 48.2 million shares outstanding as of September, so the new stock adds 14 percent to the total. A statement did not identify the debt holders who received stock in the private placement.

The statement added that “the company continues to have approximately $10.7 million of convertible notes due in June 2008 as well as a significant amount of debt outstanding and due in future years and will need to raise additional capital to fund its operations in 2008.”