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Cell Therapeutics Exchanges 83% of Remaining Convertible Preferred Stock Into New Non-dividend Bearing, Non-redeemable Convertible Preferred Stock With Conversion Price of $0.14 per Share
Date:2/4/2009

n Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit http://www.celltherapeutics.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. The risks and uncertainties include that the Company's operating expenses continue to exceed its net revenues and the Company will continue to need to raise capital to fund its operating expenses; as well as other risks listed or described from time to time in the Company's most recent filings with the SEC on Forms 10-K, 8-K and 10-Q. Except as required by law, the Company 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
     E: media@ctiseattle.com
    http://www.CellTherapeutics.com/press_room

     Investors Contact:
     Ed Bell
     T: 206.272.4345
     Lindsey Jesch Logan
     T : 206.272.4347
     F : 206.272.4434
     E: invest@ctiseattle.com
    http://www.CellTherapeutics.com/investors

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SOURCE Cell Therapeutics, Inc.
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