Healthcare Stocks Still Inching Higher; Cell Therapeutics Rallies After Convertible Preferred Stock Offering

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Healthcare stocks are holding on to very small gains today with the NYSE Healthcare Sector Index advancing less than 0.1% while shares of healthcare companies in the S&P 500 are up 0.2% as a group.

In company news, Cell Therapeutics Inc. ( CTIC ) is up more than 19% in late trade, climbing as high as $1.38 today after saying it sold 15,000 shares of its Series 18 convertible preferred stock directly to Quogue Capital and an affiliate of Perceptive Advisors in a registered direct offering.

The deal, which was conducted without an underwriter or placement agent, generated about $14.8 million in net proceeds after offering expenses were deducted. The new funds will support ongoing Phase III testing of its pacritinib drug candidate to treat certain types of leukemia and lymphoma as well as commercialization of its Pixuvri chemotherapy for non-Hodgkin B-Cell lymphoma in Europe.

In other sector news,

(+) NVAX, Said Genocea Biosciences, its partner developing a treatment for moderate-to-severe herpes simplex virus type 2 infections, today published positive,interim topline data from Phase I/IIA testing of its GEN-003 compound.

(-) NSPH, Prices its public sale of 15 million shares at $1.75 apiece, expected to generate $24.1 mln in net proceeds.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CTIC

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