Cell Therapeutics, Inc. (CTI) Announces 2007 Annual Shareholders Meeti...( Management rolls out new strategic ...)

Management rolls out new strategic platform for reducing risk of cancer

drug development

MILAN, Italy, Sept. 26 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) held its 2007 annual shareholders meeting (Annual Meeting) on Tuesday, September 25, 2007 in Milan. The Company conducted the Annual Meeting in Milan since a majority of CTI's shares are held by Italian shareholders. At the 2007 Annual Meeting, shareholders re-elected Mary O. Mundinger, Dr. PH, and Jack W. Singer, M.D., as Class III Directors for a term to expire at the 2009 Annual Meeting. Frederick W. Telling, Ph.D., was elected as a Class II Director for a term expiring at the 2008 Annual Meeting. John H. Bauer was elected and Phillip M. Nudelman, Ph.D., was re-elected as Class I Directors for a term to expire at the 2010 Annual Meeting.

Also approved at the 2007 Annual Meeting were a proposal to approve the Company's 2007 Employee Stock Purchase Plan and reserve 250,000 shares of common stock for issuance under the Plan; a proposal to amend and restate the Company's 2003 Equity Incentive Plan, which was retitled as the 2007 Equity Incentive Plan; and a proposal to ratify Stonefield Josephson as CTI's independent auditor for the years ending December 31, 2006 and 2007.

"I'd like to thank our shareholders who voted or provided proxies for our meeting. I'm happy to report that as a result of focusing on outreach to our Italian shareholders and banks and sharing information with them about the process CTI is required to follow in the United States and under Washington law, of the approximately 27 million shares held in Italy, I believe more than two million of them have been voted dir
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