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Cell Therapeutics, Inc. Repays $11.0 million Balance of 2008 Convertible Debt

SEATTLE, June 16 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) today announced the Company has repaid the remaining balance, including accrued interest, of its 2008 Convertible Notes which reached maturity on June 15, 2008 through a cash payment of approximately $11.0 million. The Company currently has no debt maturing before Q3 2010.

"Retiring this last piece of current debt provides the Company more than 24 months to deliver our sales and product milestones before any additional convertible notes become due," said James A. Bianco, M.D., President and CEO of CTI.

The cash payment for the retirement of the 2008 Convertible Notes is the most recent step taken by the Company to improve its financial position including previously restructuring and retiring other convertible debt and preferred securities as well as recent financings that increased its cash position and institutional investor ownership.

This press-release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company continues to have negative cash flow and a significant amount of debt outstanding, redeemable preferred stock outstanding and will need to raise additional capital to fund its operations; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company does not intend to update any of the statements in this press release upon further developments.

Media Contact:

Cell Therapeutics, Inc.

Dan Eramian

T: 206.272.4343

C: 206.854.1200

Lindsey Jesch

T : 206.272.4347

F : 206.272.4434


Investors Contact:

Cell Therapeutics, Inc.

Ed Bell

T: 206.272.4345

F: 206.272.4434


SOURCE Cell Therapeutics, Inc.
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