Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IG...(developed under theCRADA on terms that a...)

Date:8/22/2007

developed under the CRADA on terms that are favorable to SM and CTI, and SM's ability to realize potential benefits of any such products include risks associated with research and development in the biopharmaceutical industry in general and with the risks associated with development, protection and enforcement of intellectual property rights arising under the CRADA. In particular, these risks include, without limitation, the potential failure of SM and NCI/NHI to develop anything of significant commercial value under the CRADA or to develop any products that prove safe and effective for treatment of cancer by targeting the insulin growth factor pathway, determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological developments, costs of developing, producing and selling any marketable products, including patentable products, that are developed under the CRADA and owned by or licensed to SM for further development, marketing and sale, and the risk factors listed or described from time to time in CTI's filings with the Securities and Exchange Commission including, without limitation, CTI's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by Italian law, neither CTI nor SM is under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

Media Contact:

Dan Eramian

T: 206.272.4343

C: 206.854.1200

Susan Callahan

T: 206.272.4472

F: 206.272.4434

E: media@ctiseattle.com

http://www.cticseattle.com/media.htm

Investors Contact:

Leah Grant

T: 206.282.7100

F: 206.272.4434

E: invest@ctiseattle.com

SOURCE Cell Therapeutics, Inc. Copyright©2007 PR Newswire. All rights reserved

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