By Matthew Willett

Cell Pathways Inc. filed a shelf registration statement with the Securities and Exchange Commission preparing the company for the sale of $25 million in common stock.

Company officials declined comment, citing SEC-imposed quiet period restrictions.

According to its prospectus, the company plans to use the proceeds from the offering for general corporate purposes, research and development funding, product manufacturing, working capital, debt maintenance, potential acquisitions, complementary products or technologies, and capital expenditures.

Horsham, Pa.-based Cell Pathways, founded in July 1998, focuses its research and development efforts on its proprietary technology, Selective Apoptotic Anti-Neoplastic Drugs, which inhibit cyclic GMP phosphodiesterase and selectively induce apoptosis.

The lead drug from that platform, Aptosyn, was declared not approvable by the FDA in September after the company submitted a new drug application for the familial adenomatous polyposis therapeutic. It is working wih the FDA on that filing. (See BioWorld Today, Sept. 26, 2000.)

That didn't stop the company from raising capital, however. In November, Cell Pathways completed a $23.6 million stock and warrants offering, selling 3.2 million shares, plus that many warrants for the purchase of 1.35 shares at $12 per share, for $7.375 per combined share and warrant. (See BioWorld Today, Nov. 13, 2000.)

The company had $31.3 million in cash and cash equivalents as of Sept. 30. On Thursday, the company's shares (NASDAQ:CLPA) dropped 3 cents to close at $6.03.

Cell Therapeutics entered a Canadian marketing and distribution agreement with Paladin Laboratories Inc., of Montreal, in July for Aptosyn. Financial terms of the agreement were undisclosed.

In the U.S., the company collaborates for marketing and distribution of Aptosyn with Innovex Inc., of Research Triangle Park, N.C.

Another drug in Cell Therapeutics' pipeline, CP 461, is a solid tumor therapeutic in Phase I testing. n