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Zevalin Revenues Lead Cell Therapeutics, Inc.'s First Quarter 2008 Financial Results
Date:5/7/2008

Company resumes commercial operations with first product sales since 2005

SEATTLE, May 8 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) reported financial results for the quarter ended March 31, 2008. Total revenues for the quarter were $3.4 million compared to $20,000 for the first quarter of 2007. Gross product sales of Zevalin(R) (Ibritumomab Tiuxetan) reached $3.8 million in the first quarter of 2008.

Total operating expenses increased to $28.4 million for the quarter ended March 31, 2008 compared to $23.6 million for the same period in 2007 mainly as a result of increased expenses related to the creation of commercial infrastructure to support Zevalin and fees associated with capital structure advisory services. Net loss attributable to common shareholders for the quarter ended March 31, 2008, which includes a one-time inducement payment of $16.2 million to convert preferred shares into common shares, totaled $54.6 million ($0.77 per share) compared to $28.7 million ($0.76 per share) for the comparable period in 2007. The increase in net loss attributable to common shareholders was also due, in part, to an increase in interest expense and make-whole interest payments related to the 9% convertible senior notes and the loss recorded on the exchange of the 5.75% convertible senior subordinated and subordinated notes in 2008. This was offset by a gain on the derivative liability related to conversions of the 9% convertible senior notes. We also had a foreign exchange loss for the quarter ended March 31, 2008 compared to a gain for the same period in 2007.

The Company had approximately $15.3 million in cash and cash equivalents, securities available-for-sale, and interest receivable as of March 31, 2008. This does not include $6.2 million in restricted cash held in escrow and net proceeds, before fees and expenses, of approximately $22.9 million from the issuance on April 30, 2008 of preferred stock, convertib
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SOURCE Cell Therapeutics, Inc.
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