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Cell Therapeutics, Inc. Announces Single Institutional Investor to Purchase Up to $18 Million of Senior Convertible Notes
Date:9/14/2008

final judgment which may ever be rendered on their pending claims against the Company. If the Company exercises its put right, as to the second $9 million investment, additional similar payments of $150,000 and $1,225,000 would be made and the balance of those claims would be extinguished.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

A prospectus supplement relating to the Convertible Notes to be issued in the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from Cell Therapeutics, Inc., 501 Elliot Avenue West, Suite 400, Seattle, Washington 98119.

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. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Company continues to have substantial amount of debt outstanding and the quarterly interest expense associated with the debt is significant; 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 fu
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SOURCE Cell Therapeutics, Inc.
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