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Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $15 Million of Preferred Stock
Date:4/13/2009

Company Further Simplifies Its Capital Structure By Completing the Elimination of All Previously Outstanding Preferred Stock

SEATTLE, April 13 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) today announced that it has agreed to sell up to $20 million of Series 1 Preferred Stock and warrants in a registered offering to a single institutional investor. The investor initially purchased today, for $15 million cash, shares of Series 1 Preferred Stock with a stated value of $15 million and certain associated common stock warrants and has the right to, within 60 days, purchase for an additional $5 million cash additional shares of Series 1 Preferred Stock with a stated value of $5 million with no additional warrants. The Series 1 Preferred Stock is convertible into shares of common stock at a conversion price of $0.30. The investor received 45% warrant coverage on the initial $15 million purchase. The warrants have an exercise price of $0.41 per share, for total potential additional proceeds of approximately $9 million. Approximately three-fifths of the warrants cannot be exercised until after six months from issuance, or 61 days from issuance if the investor does not exercise its option to purchase the additional Series 1 Preferred Stock.

The Series 1 Preferred Stock is non-dividend bearing and has no voting rights except to the extent required by law.

Separately, the Company reacquired the remaining 100 outstanding shares ($100,000 stated value) of its Series A 3% Convertible Preferred Stock in exchange for 288,517 shares of common stock, and the Company has agreed to reacquire the remaining 1,000 outstanding shares ($1,000,000 stated value) of its Series D 7% Preferred Stock in exchange for shares of common stock based on a formula keyed to the volume-weighted average price over a 3-day period following April 13, 2009.

Upon completion of these exchanges, the only pre
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SOURCE Cell Therapeutics, Inc.
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