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Cell Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock and Warrants
Date:7/22/2009

SEATTLE, July 23 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced the pricing of an underwritten 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 at a price to the public of $1.30 per share of common stock and warrant to purchase 0.25 shares of common stock, for gross proceeds of approximately $38.1 million. In connection with the offering, the Company granted the underwriter a 30-day option to purchase up to 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, if any. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses, excluding any exercise of the underwriter's overallotment option, are expected to be approximately $35.0 million.

Each warrant has an exercise price of $1.70 per warrant share, for total potential additional gross proceeds to the Company of approximately $12.5 million upon exercise of the warrants. The warrants are exercisable immediately upon the date of issuance and will expire nine months thereafter.

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.

The Company currently intends to use the net proceeds from the offering for working capital and for general corporate purposes, which may include, among other things, paying interest on and/or retiring portions of the Company's outstanding debt, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital.

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