Stephen O'Sullivan, the assistant general counsel for Pharmacia, says that the proposed changes would have a chilling effect on new drug research and development.

FORBES: Sue Everywhere

Cell Therapeutics said it intends to use net proceeds from the offering for general corporate purposes, including paying interest on or retiring outstanding debt and funding research and development, preclinical and clinical trials, and the preparation and filing of new drug applications.

FORBES: Cell Therapeutics Shares Decline on Offering News

The current level of drug research and development offers hope for a wealth of new treatments that can mend and extend the lives of millions of people.

FORBES: The Lifesaving Promise Of The Pharmaceutical Drug Pipeline