Cell Therapeutics, Inc. Closes $37.2 Million Offering

SEATTLE, April 19 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) today confirmed that it has received approximately $37.2 million from the sale of 3% Convertible Preferred Stock and warrants in a previously announced registered offering to several institutional investors. CTI sold 37,200 shares of Series B convertible preferred stock, together with warrants, at a negotiated price of $1,000 per share of convertible preferred stock. The Preferred Stock is convertible into 5,527,488 shares of common stock, at a conversion price of $6.73. The Company also issued warrants to purchase up to 2,763,731 shares of common stock, with an exercise price of $6.48 per share.

Rodman & Renshaw, LLC acted as the exclusive placement agent for the offering.

A shelf registration statement and prospectus supplement relating to the preferred stock and warrants issued in the offering has been filed with the Securities and Exchange Commission and has become effective. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our Convertible Preferred Stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

Media Contact: Cell Therapeutics, Inc. Dan Eramian T: 206.272.4343 C: 206.854.1200 Susan Callahan T: 206.272.4472 F: 206.272.4434 E: media@ctiseattle.comwww.cticseattle.com/media.htm Investors Contact: Cell Therapeutics, Inc. Leah Grant T: 206.282.7100 F: 206.272.4434 E: invest@ctiseattle.comwww.cticseattle.com/investors.htm

CONTACT: Media, Dan Eramian, +1-206-272-4343, or mobile, +1-206-854-1200,or Susan Callahan, +1-206-272-4472, or fax, +1-206-272-4434, ormedia@ctiseattle.com, or Investors, Leah Grant, +1-206-282-7100, or fax,+1-206-272-4434, or invest@ctiseattle.com, all of Cell Therapeutics, Inc.

Web site: http://www.cticseattle.com//