Struggling Cell Therapeutics raises $21M in stock sale

Just weeks after the FDA's embarrassing rejection of its cancer drug pixantrone, Seattle-based Cell Therapeutics (CTIC) said it was able to raise $21 million through the sale of preferred stock to three institutional investors. Each share of the preferred stock gives the investors the right to buy common stock at a 40-cent conversion price. And the investors have the right to purchase another $13 million in preferred shares. According to the company, which has been pummeled by analysts...