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Cell Therapeutics, Inc. Sells $64.5 million Units Consisting of Preferred Stock, New 2014 Convertible Senior Notes and Warrants to a Single Institutional Investor
Date:4/30/2008

Transaction also provides the Company and investor an option to sell or

purchase additional $67.5 million in securities

SEATTLE, April 30 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq: CTIC; MTA) today announced that it has entered into agreements to sell units of securities for approximately $64.5 million, including new Series E Convertible Preferred Stock (the "Preferred Stock"), 13.5% Convertible Senior Notes due 2014 (the "Notes") and warrants to purchase shares of common stock, no par value (the "Common Stock") to a single institutional investor. The aggregate price per unit was $0.3475 cents above the closing bid of $0.79 per share or $1.14 per unit. Also included is a one- year right for such investor to purchase up to $67.5 million of such securities in the future.

The 9,000 shares of Preferred Stock are convertible into 11,392,405 shares of Common Stock. The Preferred Stock, representing $9 million in stated value, can also be exchanged by such investor after 30 days into Notes. The $36 million initial principal amount of Notes bear interest at 13.5% per annum and are convertible at any time for shares of CTI common stock. The Notes feature a make-whole provision upon conversion entitling the holder to receive a fixed amount, less any interest paid before conversion. The Company expects to receive net proceeds of approximately $28.125 million from the initial closing of the offering. The Notes will rank equal in right of payment with all existing and future unsecured senior indebtedness of CTI.

The investor will also receive warrants to purchase 28.4 million shares of common stock with an exercise price of $0.95 per share (equal to 120% of today's closing bid
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SOURCE Cell Therapeutics, Inc.
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