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Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $24.7 Million of Senior Convertible Notes
Date:10/21/2008

SEATTLE, Oct. 22 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that a single institutional investor shall purchase, for $24.7 million, newly issued 9.66% Convertible Senior Notes due 2011, with a conversion price of $0.38 per share.

The new Notes would have a $24.7 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 has also agreed to repurchase from the investor an aggregate amount of approximately $18.2 million of outstanding 15% Convertible Senior Notes that were issued in June 2008. For such repurchase, the Company will use $10 million of the proceeds from the offering, plus funds to be released to the Company from the escrow account that was established to pay the make-whole and interest payments on the 15% Convertible Senior Notes. Warrants to purchase approximately 1.15 million shares of common stock which were issued in connection with the approximately $18.2 million of repurchased notes are also being surrendered to the Company and will be cancelled. The Company expects to receive net proceeds of approximately $14.7 million from the new Notes (before payment of fees and expenses), after the repurchase of the June 2008 notes and prior to depositing approximately $7.2 million in escrow for the make-whole provision. The new Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of the Company.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent f
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