Cell Therapeutics Reports 76% Decrease in First Quarter 2009 Net Loss Attributable to Common Shareholders; Completion of Pixantrone NDA Submission on Track for Second Qu...( Pixantrone Named-Patient Program Init...),Health

Pixantrone Named-Patient Program Initiated in Europe

SEATTLE, May 7 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) reported recent accomplishments and financial results for the quarter ended March 31, 2009.

"Our focus for the first half of 2009 was to initiate and complete the NDA submission for pixantrone while we implemented final steps in our cost cutting efforts and raised much needed operating capital on the least dilutive terms possible -- all while cleaning up the Company's capital structure," said James A. Bianco, M.D., CEO of CTI. "We are pleased with our results as reflected in our first quarter financials. We have cut our net operating losses attributable to common shareholders by 76%, raised gross proceeds of $44.3 million in 2009 and eliminated all of our outstanding preferred stock, while staying on track to complete the NDA submission for pixantrone in June 2009."

Recent Highlights

• Initiated a rolling submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for pixantrone and are targeting completing this NDA submission in June 2009, which if granted priority review could lead to an FDA approval decision as early as December 2009.
• Pixantrone Phase III study results to be presented at the American Society of Clinical Oncology Conference on June 1, 2009.
• Pixantrone is now available through a named-patient program in Europe.
• Raised $23.8 million through the sale of Series 1 Preferred Stock to a single institutional investor and upon the exercise of the associated common stock warrants. The investor subsequently converted 100% of the Series 1 Preferred Stock to common stock. CTI has no remaining issued or outstanding preferred stock.
• Received $20.5 million in gross proceeds in 2009 from Spectrum Pharmaceuticals, Inc. associat
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