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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

are exercisable beginning on or after the date of issuance and expire five years after the date of issuance.  If the stock price is less than the exercise price, the warrants may also be exchanged for shares based on a specified Black-Scholes value formula subject to certain limitations.  CTI may instead elect to pay all or some of such value in cash.  If CTI elects not to pay in cash, is unable to issue sufficient shares without shareholder approval and has not obtained shareholder approval within 90 days after an exchange notice is received, CTI will issue a note for the unpaid portion of the value payable one year thereafter.

CTI has agreed to pay Halcyon Cabot Partners, Ltd. a placement agent fee of 5% of the gross proceeds received in the Offering.

The securities described above are being offered by CTI pursuant to shelf registration statements previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on March 2, 2011 and November 1, 2011.  A prospectus supplement under Rule 424 of the Securities Act of 1933, as amended, related to the Offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.  Copies of the prospectus supplement and the accompanying prospectus relating to the Offering, when available, may be obtained directly from CTI by contacting CTI at the following address: Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.  The Series 15 Preferred Stock (and the shares of com
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SOURCE Cell Therapeutics, Inc.
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