Cell Therapeutics, Inc. Announces the Successful Closing of a Private Offering of $4.06 Million of Securities

SEATTLE, July 27 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced the successful closing of its previously announced sale of $4.06 million of securities to an accredited investor in a private offering pursuant to Section 4(2) of the Securities Act of 1933, as amended. The sold securities consist of 4,060 shares of Series 6 preferred stock, no par value per share, together with warrants to purchase an aggregate of 5.8 million shares of common stock. Prior to the closing date, the investor elected to convert all of its shares of Series 6 preferred stock and to receive the 11.6 million shares of the Company's common stock issuable upon such conversion at the closing.

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the offering.

This press release does not constitute an offer to sell nor the solicitation of an offer to buy the Series 6 preferred stock, the shares of common stock into which the Series 6 preferred stock converted, the warrants or the shares of common stock for which the warrants are exercisable (all of such securities collectively, the "Securities"), nor shall there be any offer, solicitation or sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading prices of the Company's securities. The risks and uncertainties include the risk factors listed or described from time to time in the Company's filings with the SEC, including, without limitation, its most recent filings on Forms 10-K, 10-Q and 8-K. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

SOURCE Cell Therapeutics, Inc.