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Cell Therapeutics, Inc. (CTI) Reports Recent Accomplishments and 2007 Fourth Quarter and Year End Financial Results
Date:3/12/2008

Restructured majority of convertible notes due June 2008

Reduced net operating expenses going forward

Projects Zevalin(R) net sales revenues of $15 million in 2008

SEATTLE, March 13 /PRNewswire-FirstCall/ -- Seattle-Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTA) today reported recent accomplishments and financial results for the quarter and twelve months ended December 31, 2007.

Recent Events

Announced completion of Zevalin(R) (Ibritumomab Tiuxetan) acquisition from Biogen Idec for an upfront payment of $10.1 million and initiated building Zevalin sales, marketing, and medical affairs infrastructure

Raised $14.8 million in aggregate gross proceeds through the issuance of common and preferred stock and warrants; raised $51.7 million in an offering of 9% Senior Convertible Notes due 2012; of which $16.2 million was used to induce the conversion of $21.5 million of outstanding Series A,B,C, and D convertible preferred securities to common stock

Restructured approximately 81 percent of the convertible notes due in June 2008, reducing total due in 2008 from $55.9 million to $10.7 million

Reduced expected net operating expenses by 35%, targeting $77 million in net cash operating expenses in 2008, by focusing resources on reaching $15 million in net Zevalin revenues, pursuing European marketing authorization (MAA) for XYOTAX (paclitaxel poliglumex, CT-2103), preparing for a potential U.S. marketing application (NDA) for pixantrone (BBR 2778) in 2009, and supporting the advancement of brostallicin

"Now that we have made significant progress on our strategy of simplifying our capital structure, reducing operating expenses, and shifting our resources to near-term o
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SOURCE Cell Therapeutics, Inc.
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