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Cell Therapeutics, Inc. Announces Exercise of Overallotment
Date:7/23/2009

SEATTLE, July 24 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced that the underwriter of its previously announced public offering of 29,332,107 shares of its common stock and warrants to purchase up to 7,333,027 shares of its common stock has exercised in full its option to purchase 4,399,816 additional shares of its common stock and warrants to purchase up to 1,099,954 additional shares of its common stock to cover overallotments. The exercise of the underwriter's overallotment option results in the issuance in this offering of an aggregate of 33,731,923 shares of its common stock and warrants to purchase up to 8,432,981 shares of its common stock, for aggregate gross proceeds of approximately $43.9 million. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $40.3 million.

Each warrant has an exercise price of $1.70 per warrant share, for total potential additional gross proceeds to the Company of approximately $14.3 million upon exercise of the warrants. The warrants are exercisable immediately upon the date of issuance and will expire nine months thereafter.

As previously announced, the Company expects to close the offering on or about July 28, 2009, subject to customary conditions, at which time the Company will receive the cash proceeds from the offering and deliver the securities.

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as sole book-running manager for the offering. In addition, Trout Capital LLC acted as financial advisor to the Company. The offering was conducted as a public offering pursuant to the Company's shelf registration statement
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