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Cell Therapeutics Amends and Restates Its 'Modified Dutch Auction' Tender Offer to a Fixed Price Tender Offer for Any and All of Its $118.9 Million Outstanding Convertible Notes
Date:6/2/2009

SEATTLE, June 2 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (the "Company" or "CTI") (Nasdaq and MTA: CTIC) today announced that it has amended and restated its "Modified Dutch Auction" tender offer to a fixed price tender offer for any and all of the approximately $118.9 million outstanding principal amount of five series of its convertible notes (the "Notes"). In addition, rather than a single offer for a combined aggregate principal amount of Notes, the Company is now offering to exchange, in separate concurrent offers as set forth below (each, an "Exchange Offer" and together, the "Exchange Offers"), shares of Common Stock and cash for any and all of its:

    (i)   $55,150,000 aggregate outstanding principal amount of 4% Convertible
          Senior Subordinated Notes due 2010;

    (ii)  $23,000,000 aggregate outstanding principal amount of 5.75%
          Convertible Senior Notes due 2011;

    (iii) $7,000,000 aggregate outstanding principal amount of 6.75%
          Convertible Senior Notes due 2010;

    (iv)  $33,458,000 aggregate outstanding principal amount of 7.5%
          Convertible Senior Notes due 2011; and

    (v)   $335,000 aggregate outstanding principal amount of 9.0% Convertible
          Senior Notes due 2012.

Under the Exchange Offers, CTI is offering to exchange (i) $134.50 cash, and (ii) 458 shares of its Common Stock for each $1,000 principal amount of Notes validly tendered and not withdrawn in each Exchange Offer (the "Exchange Consideration"). The Exchange Consideration will be the same for each Exchange Offer. Accrued and unpaid interest to, but excluding, the settlement date on Notes validly tendered and not withdrawn in the Exchange Offers will be paid in cash.

As a result of the amendment and restatement, the Exchange Offers have been extended and will now expire at 5:00 p.m., New York City time, on Tuesday, June 16, 2009, unless the Exchange Offers
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SOURCE Cell Therapeutics, Inc.
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