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Cell Therapeutics, Inc. (CTI) Reports Third Quarter Financial Results and Milestones
Date:10/24/2011

72.4434
E: deramian@ctiseattle.com
www.celltherapeutics.com/media.htm

Investors Contact:
Ed Bell
T: 206.282.7100
Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434
E: invest@ctiseattle.com
www.celltherapeutics.com/investors

Cell Therapeutics, Inc.Condensed Consolidated Statements of Operations(In thousands, except for per share amounts)(unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2011201020112010Revenues:License and contract revenue$
-$
-$
-$
319Total revenues---319Operating expenses:Research and development7,5305,10126,98219,375Selling, general and administrative7,7607,89325,29739,378Total operating expenses15,29012,99452,27958,753Loss from operations(15,290)(12,994)(52,279)(58,434)Other income (expense):Investment and other income (expense), net29(23)54240Interest expense(204)(385)(855)(1,948)Amortization of debt discount and issuance costs(129)(166)(436)(600)Foreign exchange gain (loss)(1,133)1,000(56)(300)Debt conversion expense---(2,031)Net loss before noncontrolling interest(16,727)(12,568)(53,572)(63,073)Noncontrolling interest6546179149Net loss attributable to CTI(16,662)(12,522)(53,393)(62,924)Dividends and deemed dividends on preferred stock(13,023)(3,085)(49,817)(50,519)Net loss attributable to CTI common shareholders$ (29,685)$ (15,607)$
(103,210)$
(113,443)Basic and diluted net loss per common share $
(0.16)$
(0.13)$
(0.62)$
(1.03)Shares used in calculation of basic and diluted184,997118,591165,724109,874Balance Sheet Data:(amounts in thousands)September 30,December 31,20112010(unaudited)Cash and cash equivalents $
45,212$
22,649Working capital19,096(14,165)Total assets62,85053,592Convertible debt12,42922,308Accumulated deficit(1,696,917)(1,576,64
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