Cell Therapeutics Announces Final Results of its Fixed Price Exchange Offers for Any and All of its $118.9 Million Convertible Notes O...(ted for exchange the following approxima...),Health

    (i)   $11,787,000, or 21.4%, of the $55,150,000 aggregate outstanding
          principal amount of 4% Convertible Senior Subordinated Notes due
          2010;

    (ii)  $12,087,000, or 52.6%, of the $23,000,000 aggregate outstanding
          principal amount of 5.75% Convertible Senior Notes due 2011;

    (iii) $5,500,000, or 78.6%, of the $7,000,000 aggregate outstanding
          principal amount of 6.75% Convertible Senior Notes due 2010;

    (iv)  $23,208,000, or 69.4%, of the $33,458,000 aggregate outstanding
          principal amount of 7.5% Convertible Senior Notes due 2011; and

    (v)   $335,000, or 100.0%, of the $335,000 aggregate outstanding principal
          amount of 9.0% Convertible Senior Notes due 2012.

As of June 16, 2009, the expiration date of the Exchange Offers, approximately $118.9 million aggregate principal amount of the Notes was outstanding. Accordingly, the aggregate principal amount of Notes that the Company has accepted for exchange in the Exchange Offers represents approximately 44.5% of the outstanding principal amount of Notes as of such date.

The Company expects that the settlement date for the Exchange Offers will be Monday, June 22, 2009. Accrued and unpaid interest to, but excluding, the settlement date on Notes accepted for exchange will be paid in cash.

The financial advisor for the Exchange Offers is Piper Jaffray & Co., the information agent for the Exchange Offers is Georgeson Inc. and the depositary for the Exchange Offers is U.S. Bank National Association.

About Cell Therapeutics, Inc.

Headquartered in 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 '/>"/>