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Cell Therapeutics Announces Institutional Investor to Purchase $40 Million of Convertible Preferred Stock and Warrants to Purchase Common Stock

TI may not use the net proceeds of the Offering as expected as well as risks related to developments in the biopharmaceutical industry, the outcome of preclinicial and clinical studies, risks related to regulatory approvals, delays in commencement of preclinical and clinical studies, costs of developing, producing and selling CTI's drug candidates, that CTI's acquisition of certain assets from S*BIO Pte Ltd. may not be timely completed, if at all, that the projected benefits of such acquisition may not materialize as expected, that CTI may not be able to successfully implement its plans, strategies and objectives related to such acquisition and development of the acquired compounds, the risk that CTI may not be able to sustain its current cost controls, and the risk that CTI may not be able to continue to raise capital as needed to fund its operations, competitive factors, technological developments, costs of developing, producing and selling its drug candidates. Further risks and uncertainties include CTI's operating expenses continue to exceed its net revenues, that CTI may not be able to further reduce its operating expenses, that CTI will continue to need to raise capital to fund its operating expenses and may not be able to raise sufficient amounts to fund its continued operation as well as other risks listed or described from time to time in CTI's most recent filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.

Media Contact:
Dan Eramian
T: 206.272.4343
C: 206.854.1200

Investors Contact:
Ed Bell
T: 206.272.4345

Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434

SOURCE Cell Therapeutics, Inc.
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