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Cell Therapeutics, Inc. Reports First Quarter Accomplishments and Financial Results

e to time in CTI's most recent filings with the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.

Media Contact:
Dan Eramian
T: 206.272.4343
C: 206.854.1200
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Investors Contact:
Ed Bell
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Lindsey Jesch Logan
T: 206.272.4347
F: 206.272.4434

Cell Therapeutics, Inc.Condensed Consolidated Statements of Operations(In thousands, except for per share amounts)(unaudited)Three Months EndedMarch 31,20112010Revenues:License and contract revenue

20Total revenues

-20Operating expenses:Research and development

11,4947,360Selling, general and administrative

8,57618,417Total operating expenses

20,07025,777Loss from operations

(20,070)(25,757)Other income (expense):Investment and other income, net

63262Interest expense

(389)(787)Amortization of debt discount and issuance costs

(167)(215)Foreign exchange gain (loss)

759(475)Net loss before noncontrolling interest

(19,804)(26,972)Noncontrolling interest

7052Net loss attributable to CTI

(19,734)(26,920)Dividends and deemed dividends on preferred stock

(31,283)(17,277)Net loss attributable to CTI common shareholders

(44,197)Basic and diluted net loss per common share

(0.07)Shares used in calculation of basic and dilutednet loss per common share

878,261598,984Balance Sheet Data:

(amounts in thousa

SOURCE Cell Therapeutics, Inc.
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