Friday, October 5, 2012

Cell Therapeutics Slumps On Offering (ABR, PPP, ATHX, CTIC)

Cell Therapeutics Inc(NASDAQ:CTIC) shares plunged 24.26% to $1.54 after the company today announced the pricing of an underwritten public offering of 60,000 shares of its Series 17 Preferred Stock, offered at a price to the public of $1,000 per share of Series 17 Preferred Stock (the Offering). Each share of Series 17 Preferred Stock is convertible at the option of the holder, at any time, into approximately 714 shares of common stock at a conversion price of $1.40 per share of common stock, for a total of approximately 42.9 million shares of common stock. The shares of Series 17 Preferred Stock will automatically convert into shares of common stock in certain circumstances.

Will ABR Bounce Back After Today’s Slump? Find Out Here

Deutsche Bank Securities Inc. is the sole book-running manager for the offering. JMP Securities LLC is the lead manager for the offering. The Company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.

Primero Mining Corp(NYSE:PPP) stock soared 37.96% to $7.45 after the company  announced today that the Company's Mexican subsidiary has received a positive ruling from the Mexican tax authorities on its Advance Pricing Agreement ("APA") filing made in October 2011. The ruling confirms that the Company's Mexican subsidiary appropriately records revenue and taxes from sales under the silver purchase agreement at realized prices rather than spot prices effective from August 6, 2010.

Athersys, Inc.(NASDAQ:ATHX) stock increased 11.45% to $1.46 after Athersys stock had its target price increased by Maxim Group from $3.00 to $6.00 in a report released today. Maxim Group currently has a buy rating on the stock.

Additionally, the company announced it is presenting new research results at the Second Midwest Conference on Stem Cell Biology & Therapy at Oakland University in Rochester, Michigan, that highlight the potential for MultiStem, its proprietary adult stem cell therapy, to treat multiple sclerosis (MS).

Arbor Realty Trust, Inc.(NYSE:ABR) shares declined 5.79% to $5.70 in the morning hour after the company announced that it has successfully priced its public offering of 3,500,000 shares of common stock at a public offering price per share of $5.80. The Company has also granted the underwriters a 30-day option to purchase up to an additional 525,000 shares of its common stock on the same terms and conditions, solely to cover over-allotments, if any.

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