Cell Therapeutics Inc. (CTIC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cell Therapeutics Inc. has a market cap of $326.7 million; its shares were traded at around $0.5301 with and P/S ratio of 4082.5. CTIC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Interest expense. Interest expense decreased to approximately $0.8 million for the three months ended March 31, 2010 from approximately $1.6 million for the three months ended March 31, 2009. This decrease is primarily due to the exchanges of $42.3 million principal balance of our 5.75%, 6.75% and 7.5% convertible senior notes and $14.8 million of our 4% convertible senior subordinated notes in 2009.
Amortization of debt discount and issuance costs. Amortization of debt discount and issuance costs decreased to approximately $0.2 million for the three months ended March 31, 2010 from approximately $4.9 million for the three months ended March 31, 2009. During the three months ended March 31, 2009, conversions of $5.3 million and $18.0 million of our 9% and 10% convertible senior notes, respectively, resulted in accelerated amortization of debt discount and issuance costs of $4.4 million. In addition, amortization of debt discount and issuance costs decreased by $0.3 million due to the accelerated amortization of debt discount and issuance costs on our 5.75%, 6.75% and 7.5% convertible senior notes and 4% convertible senior subordinated notes as a result of exchanges and conversions in 2009 reducing the remaining cost basis and discount amount to be amortized over the remaining term of the notes.
Make-whole interest expense. Make-whole interest expense for the three months ended March 31, 2009 is related to $5.4 million in payments made upon the conversion of $18.0 million of our 10% convertible senior notes and $0.9 million in payments made upon the conversion of $5.3 million of our 9% convertible senior notes.
Net cash used in investing activities of approximately $1.1 million for the three months ended March 31, 2010 was primarily due to purchases of property and equipment. Net cash provided by investing activities of approximately $13.1 million for the three months ended March 31, 2009 was primarily due to $6.8 million in net proceeds from Spectrum in January 2009 related to the initial formation of RIT Oncology in December 2008. We also received $5.7 million in net proceeds from Spectrum in March 2009 related to the sale of our 50% interest in RIT Oncology.
Net cash provided by financing activities of approximately $27.5 million for the three months ended March 31, 2010 was primarily due to $28.1 million in net proceeds received from the issuance of 30,000 shares of our Series 3 preferred stock and warrants to purchase approximately 8.6 million shares of our common stock in January 2010. Net cash used in financing activities of approximately $3.2 million for the three months ended March 31, 2009 was primarily due to a $3.0 million deemed dividend payment in connection with our settlement with Tang Capital Partners LP for full release of all claims against us in connection with our alleged breach of contract related to Tangs Series B preferred stock. This amount was accrued as of December 31, 2008 and paid in January 2009.
Read the The complete Report
Cell Therapeutics Inc. has a market cap of $326.7 million; its shares were traded at around $0.5301 with and P/S ratio of 4082.5. CTIC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Gain on sale of investment in joint venture. During the three months ended March 31, 2009, we recorded a $10.2 million one-time gain on the sale of our 50% interest in RIT Oncology. This amount was based on the difference between $16.5 million in gross proceeds and the approximately $4.6 million book value of our investment in RIT Oncology at the time of sale, net of approximately $1.6 million in transaction costs.Interest expense. Interest expense decreased to approximately $0.8 million for the three months ended March 31, 2010 from approximately $1.6 million for the three months ended March 31, 2009. This decrease is primarily due to the exchanges of $42.3 million principal balance of our 5.75%, 6.75% and 7.5% convertible senior notes and $14.8 million of our 4% convertible senior subordinated notes in 2009.
Amortization of debt discount and issuance costs. Amortization of debt discount and issuance costs decreased to approximately $0.2 million for the three months ended March 31, 2010 from approximately $4.9 million for the three months ended March 31, 2009. During the three months ended March 31, 2009, conversions of $5.3 million and $18.0 million of our 9% and 10% convertible senior notes, respectively, resulted in accelerated amortization of debt discount and issuance costs of $4.4 million. In addition, amortization of debt discount and issuance costs decreased by $0.3 million due to the accelerated amortization of debt discount and issuance costs on our 5.75%, 6.75% and 7.5% convertible senior notes and 4% convertible senior subordinated notes as a result of exchanges and conversions in 2009 reducing the remaining cost basis and discount amount to be amortized over the remaining term of the notes.
Make-whole interest expense. Make-whole interest expense for the three months ended March 31, 2009 is related to $5.4 million in payments made upon the conversion of $18.0 million of our 10% convertible senior notes and $0.9 million in payments made upon the conversion of $5.3 million of our 9% convertible senior notes.
Net cash used in investing activities of approximately $1.1 million for the three months ended March 31, 2010 was primarily due to purchases of property and equipment. Net cash provided by investing activities of approximately $13.1 million for the three months ended March 31, 2009 was primarily due to $6.8 million in net proceeds from Spectrum in January 2009 related to the initial formation of RIT Oncology in December 2008. We also received $5.7 million in net proceeds from Spectrum in March 2009 related to the sale of our 50% interest in RIT Oncology.
Net cash provided by financing activities of approximately $27.5 million for the three months ended March 31, 2010 was primarily due to $28.1 million in net proceeds received from the issuance of 30,000 shares of our Series 3 preferred stock and warrants to purchase approximately 8.6 million shares of our common stock in January 2010. Net cash used in financing activities of approximately $3.2 million for the three months ended March 31, 2009 was primarily due to a $3.0 million deemed dividend payment in connection with our settlement with Tang Capital Partners LP for full release of all claims against us in connection with our alleged breach of contract related to Tangs Series B preferred stock. This amount was accrued as of December 31, 2008 and paid in January 2009.
Read the The complete Report
