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Cell Therapeutics, Inc. Sells $64.5 million Units Consisting of Preferred Stock, New 2014 Convertible Senior Notes and Warrants to a Single Institutional Investor
Date:4/30/2008

price), for an aggregate potential exercise price of $27.1 million. The investor will also receive a second warrant which entitles it to purchase $67.5 million of additional notes and warrants. The Company will have the ability to accelerate the termination date of the warrant in the event that the Company meets one of two potential milestone events as well as other conditions to be more fully described in the Company's Form 8-K for this transaction.

Up to $5,250,000 in principal amount of existing 9% Convertible Senior Notes due 2012, along with all warrants issued in connection with such notes, may be exchanged for an equal amount in principal of new securities in the offering.

The Company intends to use the net proceeds from this offering to retire the remaining balance of the 2008 Senior and Junior Convertible Notes due June 15, 2008 of approximately $10.8 million, to acquire access to Bayer-Schering's phase III "FIT" trial data to submit an sBLA application for label expansion of Zevalin in the US and for general working capital.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the offering.

A prospectus supplement relating to the Preferred Stock and Convertible Notes to be issued in the offering will be filed with Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained directly from Cell Therapeutics, Inc., 501 Elliott Avenue West, Suite 400, Seattle, Washington 98119.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in whi
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SOURCE Cell Therapeutics, Inc.
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