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.

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