CTI BioPharma, DRI Healthcare Trust Announce Up To $135 Mln Debt And Royalty Funding - Quick Facts

(RTTNews) - Biopharmaceutical company CTI BioPharma Corp. (CTIC) and DRI Healthcare Trust (DHT.UN.TO, DHT.U.TO) announced Wednesday transactions totaling up to $135 million in funding for CTI, with $50 million in secured debt to be funded at closing and $60 million to purchase a tiered royalty on sales of pacrinitib upon product approval of pacrinitib by the U.S. Food and Drug Administration (FDA).

The proceeds of the transactions will be used by CTI to fund the commercialization of pacritinib for the treatment of myelofibrosis patients with severe thrombocytopenia.

CTI has a New Drug Application (NDA) under priority review by FDA with a Prescription Drug User Fee Act (PDUFA) target action date of November 30, 2021, and is preparing for a potential commercial launch by end of year.