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Cell Therapeutics, Inc. Reports Outcome of Special Meeting of Shareholders

SEATTLE, March 25 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (NASDAQ and MTA: CTIC) announced today the results from its Special Meeting of Shareholders held on Tuesday, March 24, 2009.

At the meeting, shareholders approved the proposal to increase the number of shares of authorized stock (including an increase in the number of shares of authorized common stock), the proposal to increase the number of shares available for issuance under its 2007 Equity Incentive Plan and the proposal to increase the number of shares available for issuance under its 2007 Employee Purchase Plan. The proposal to allow the Board of Directors to implement a reverse split if and when the Board deems such action appropriate was not approved by the shareholders.

"We appreciate the support of our shareholders as it is important both from an operational and a strategic perspective as we move our products and programs toward approval," said James A. Bianco, M.D., CEO of CTI. "With excellent phase III data for pixantrone for aggressive relapsed non-Hodgkin's lymphoma we plan to complete the New Drug Application (NDA) submission in the second quarter of 2009 and we believe that this product would truly make a significant impact on this difficult to treat patient population. While we now have approval for additional authorized shares, we intend to continue to pursue product partnerships to generate operating capital."

This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. Specifically, the risks and uncertainties that could affect the development of pixantrone include risks associated with preclinical and clinical developments in the biopharmaceutical industry in general and with pixantrone in particular, including, without limitation, our ability to submit an NDA in the first half of 2009 for pixantrone and gain approval in 2009, the potential failure of pixantrone to prove safe and effective for treatment of non-Hodgkin's lymphoma, our ability to identify and negotiate product partnerships, our ability to raise additional capital to fund our continued operations, determinations by regulatory, patent and administrative governmental authorities including but not limited to decisions regarding the review and approval of applications submitted to the FDA or the EMEA, competitive factors, technological developments, costs of developing, producing and selling pixantrone, and the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

    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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