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Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $14.2 Million of Senior Convertible Notes
Date:9/28/2008

SEATTLE, Sept. 29 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq: CTICD and MTA: CTIC) today announced that a single institutional investor shall purchase, for $14.2 million, newly issued 15.5% Convertible Senior Notes due 2012, with a conversion price of $1.27 per share. The transaction is the result of an amendment of a September 15, 2008 agreement (as amended on September 26, 2008) under which the investor had purchased $9 million of senior notes and given CTI an option to require the investor to purchase additional notes.

The new Notes would have a $14.2 million initial principal balance and feature a make-whole provision entitling the holder, upon any conversion of the Notes, to receive the interest payable through scheduled maturity, less any interest paid before conversion. The Company expects to receive net proceeds of approximately $5.4 million from the Notes (before payment of fees and expenses), after depositing amounts in escrow for the make-whole provision. The Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company.

Pursuant to the agreement, CTI shall make a payment in the amount of $150,000 as an inducement for the investor and its affiliates to convert 1,000 shares of Series C Preferred Stock owned by the investor and its affiliates into Common Stock of the Company pursuant to the provisions of the Company's articles of incorporation. In connection with this securities transaction, CTI shall also make a payment to the investor and its affiliates in the amount of $1,225,000 in exchange for release of all pending claims against the Company, and shall enter into a mutual general release.

Rodman & Renshaw, LLC
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