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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

the Common Stock for as long as 20 business days.

It is presently anticipated that the reverse stock split will become effective on or about May 15, 2011. Upon the effectiveness of the reverse stock split, each of the Company's shareholders will receive one new share of Common Stock in exchange for every six shares such shareholder holds. The Common Stock will begin trading on a split-adjusted basis on the Mercato Telematico Azionario stock market (the "MTA") in Italy and The NASDAQ Capital Market in the United States on May 16, 2011. On The NASDAQ Capital Market, trading of the Common Stock will appear under the temporary trading symbol "CTICD" in order to inform the investment community of the reverse stock split. The Company's trading symbol will revert to "CTIC" on or about June 13, 2011.  The Company's trading symbol on the MTA will not change due to the reverse stock split.

The reverse stock split will affect all outstanding and authorized shares of the Common Stock as well as the number of shares of Common Stock underlying stock options and other exercisable or convertible instruments outstanding at the effective time of the reverse stock split.

About Cell Therapeutics, Inc.

Headquartered in Seattle, the Company is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.celltherapeutics.com.

This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of the Company's securities. Specifically, the risks and uncertainties that could the Company include risks associated with preclinical and clinical developments in the biopharmaceutical industry, including, without limitation, that
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SOURCE Cell Therapeutics, Inc.
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