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Cell Therapeutics Announces Institutional Investor to Purchase $40 Million of Convertible Preferred Stock and Warrants to Purchase Common Stock
Date:5/29/2012

ies 15 Convertible Preferred Stock (the "Series 15-2 Preferred Stock," and together with the Series 15-1 Preferred Stock, the "Series 15 Preferred Stock"), and warrants to purchase shares of common stock on the 60th day after the Initial Closing for gross proceeds of $20 million (the "Second Closing").  The exercise price of the warrants issued in the Second Closing will equal a 20% premium to the closing bid price of CTI's common stock on The NASDAQ Capital Market calculated one trading day prior to the date of the Second Closing.  The conversion price of the Series 15-2 Preferred Stock shall equal the closing bid price of CTI's common stock on The NASDAQ Capital Market calculated one trading day prior to the date of the Second Closing, plus $0.08375. 

In the event that on the date of the Second Closing, the Initial Purchaser is unable to purchase the entire $20 million because it would cause the Initial Purchaser to own more than 9.9% of CTI's common stock or due to CTI restrictions on issuance, the Initial Purchaser has agreed to fund a minimum of $10 million and in any event the maximum amount of the $20 million the Initial Purchaser can fund under these restrictions. CTI will be subject to restrictions on the sale of securities through 30 days after the date of the Second Closing, subject to certain exceptions.  If the Initial Purchaser is unable to fund the entire remaining unfunded balance of the $20 million within 30 days from the Second Closing, CTI will not be subject to any restriction on the issuance of additional securities upon the expiration of such 30 day period.

The Series 15 Preferred Stock will automatically convert into shares of common stock in certain circumstances.  The Series 15 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock and will have no voting rights on general corporate matters.  All of the warrants issued in the Offering
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SOURCE Cell Therapeutics, Inc.
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