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Cell Therapeutics Announces Planned Reverse Stock Split; Receives NASDAQ Notice of Non-Compliance; Intends to Request Hearing
Date:5/6/2011

SEATTLE, May 6, 2011 /PRNewswire/ -- Cell Therapeutics, Inc. (the "Company") (NASDAQ and MTA: CTIC) today announced that the Company's Board of Directors (the "Board") approved a reverse stock split following the Company's receipt on May 3, 2011 of a notification of non-compliance from the staff of The NASDAQ Stock Market LLC (the "NASDAQ").  The notification stated that the Company has not regained compliance with NASDAQ Listing Rule 5550(a)(2) because the Company's common stock (the "Common Stock") did not maintain a minimum closing bid price of $1.00 per share over a period of at least ten consecutive business days ending on or prior to May 2, 2011.  As a result of the notification of non-compliance, the Common Stock is subject to delisting unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel (the "Panel").  Accordingly, the Company plans to timely request a hearing before the Panel, thereby allowing the Common Stock to continue to trade on The NASDAQ Capital Market pending the issuance of the Panel's decision following the hearing.

The Company expects that the hearing will be held within 45 days. At the hearing, the Company will present a plan for achieving compliance with the NASDAQ listing requirements, which will include the implementation of the reverse stock split approved by the Board.  The Company anticipates that it will have already effected the reverse stock split by the time of the hearing.  Notwithstanding the reverse stock split, there can be no assurance that the Panel will grant the Company's request for continued listing on The NASDAQ Capital Market.  In determining whether the Company has regained compliance with the $1.00 per share minimum closing bid price requirement, the NASDAQ will require a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days and may, under the NASDAQ Listing Rules, elect to monitor the trading price of
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SOURCE Cell Therapeutics, Inc.
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