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Cell Therapeutics, Inc.'s Second Quarter 2008 Financial Results
Date:8/17/2008

1, 2008. Separately, the Centers for Medicare & Medicaid Services proposed to reimburse Zevalin based on the Average Sales Price methodology, which is currently used for drugs and biologicals, in 2009.

-- Completed enrollment for phase II clinical trial of brostallicin as first-line therapy in patients with newly diagnosed advanced or metastatic soft tissue sarcoma.

-- Announced that Craig Philips, most recently Vice President and General Manager of Bayer Healthcare Oncology, assumed day to day role as President of CTI with direct responsibilities for development and commercial operations.

-- Repaid balance of approximately $10.7 million for 2008 Convertible Notes leaving Company with no debt maturing before Q3 2010 and established equity line of credit for the sale of up to $12 million of common stock over time.

Total operating expenses increased to $28.7 million for the quarter ended June 30, 2008 compared to $24.3 million for the same period in 2007 mainly as a result of increased expenses related to support expansion of Zevalin sales and marketing efforts and legal expenses. Net loss attributable to common shareholders for the quarter ended June 30, 2008, totaled $59.3 million ($0.52 per share), which included $25.6 million in make-whole interest expense due to the conversion of the 9% and 13.5% convertibles notes into common stock that resulted in a decrease of approximately $39.6 million in debt, compared to $27.9 million ($0.65 per share) for the comparable period in 2007. The decrease in net loss per share is due to an increase in the number of shares outstanding.

The Company had approximately $12.4 million in cash and cash equivalents, securities available-for-sale, and interest receivable as of June 30, 2008. This does not include $26.9 million in restricted cash held in escrow for future make-whole and interest payments on our 9%, 13.5% and 15% convertible notes as well as net cash proceeds of approximately $4.5 million
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SOURCE Cell Therapeutics, Inc.
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