Originally published July 18, 2008 at 12:00 AM | Page modified July 19, 2008 at 11:18 AM
Cell Therapeutics warns cash is running low
Biotechnology company Cell Therapeutics said Friday in a regulatory filing that it has "an immediate need to raise additional capital in the next thirty days" to continue operations.
By Seattle Times staff
Biotechnology company Cell Therapeutics said Friday in a regulatory filing that without a capital infusion "we will have insufficient funds to continue operations through the end of the current fiscal quarter."
"We have an immediate need to raise additional capital in the next thirty days in order to meet our operation needs," the Seattle biotech said in a Securities and Exchange Commision filing.
The company said Friday that as of March 31, it had approximately $15.3 million in cash, securities and other current assets, compared to current liabilities of $47.9 million. Though it has not yet reported results for the quarter ended June 30, the company said that such assets "continue to be significantly less than our total current liabilities."
It gave no information on how it intends to raise additional funding.
Cell Therapeutics shares have fallen 80 percent this year, and closed Friday at 38 cents, down one cent or 2.6 percent.
Copyright © 2008 The Seattle Times Company
Retail Report: Pacific Place not ready to see J.Jill go
Google CEO: New operating system changes the game
UPDATE - 04:21 PM
CEO vows better performance as GM exits bankruptcy
AIG to pay millions in bonuses to top execs — again
UPDATE - 04:30 PM
Regulators put Seattle Bank on tighter leash

Gen. David Petraeus: Iraq and Afghanistan Wars
Watch highlights of General David Petraeus discussing the Iraq and Afghanistan War at the Global Leadership Series sponsored by the World Affairs Council.
Entertainment | Top Video | World | Offbeat Video | Sci-Tech
shopping

events for Friday, Jul. 10th
- Phinney Farmers Market
- Kibbn Storewide Summer Sale
- Impulse + Totokaelo Spring Inventory...
- Market Street Shoes and Market Street...
editors' picks
More shopping guides- Worker dies in chocolate vat; plant didn't have license
- Seattle-area homebuilder losing projects to foreclosure
- Health-plan costs soar for individuals
- Chase won't pay for Seattle's Lake Union fireworks next year
- The end of the light-line line, for now: Tukwila's "Taj Mahal" station
- Trees vs. houses: Narrow, leafy street is last chance for two Madrona homes waiting to be moved
- Mariners trade Yuniesky Betancourt to Royals
- Mariners Blog | Yuniesky Betancourt traded to Royals for two minor league pitchers
- Mariners Blog | Deals involving Mariners shortstop Yuniesky Betancourt, Pirates second baseman Freddy Sanchez not automatically related
- World's largest solar plant may be built in Cle Elum
- Health-plan costs soar for individuals
598 - Yuniesky Betancourt traded to Royals for two minor league pitchers
244 - Texas Rangers at Seattle Mariners: 07/09 game thread
243 - Chase won't pay for next year's Lake Union fireworks
240 - Seattle Mariners GM Jack Zduriencik again declines to quell Yuniesky Betancourt trade rumors
183 - World's largest solar plant may be built in Cle Elum
131 - The end of the line, for now: Tukwila is the jewel in the crown of Link
126 - Deals involving Mariners shortstop Yuniesky Betancourt, Pirates second baseman Freddy Sanchez not automatically related
105 - Franklin Gutierrez bails Mariners out in a 3-1 win
77 - Group hopes to build 75-megawatt solar park near Cle Elum
68
- Seattle-area homebuilder losing projects to foreclosure
- World's largest solar plant may be built in Cle Elum
- Health-plan costs soar for individuals
- Worker dies in chocolate vat; plant didn't have license
- Group hopes to build 75-megawatt solar park near Cle Elum
- Grab the kids and hop on Amtrak for a stress-free getaway to Portland
- Trees vs. houses: Narrow, leafy street is last chance for two Madrona homes waiting to be moved
- Local Smith & Hawken garden stores to close
- During financial crisis, the business of college sports is complicated by Title IX
- Lavender tour on Vashon Island leads round of festivals
