Cell Therapeutics Secures $15 Million Loan Financing Agreement

        Cell Therapeutics Secures $15 Million Loan Financing Agreement

PR Newswire

SEATTLE, March 28, 2013

SEATTLE, March 28, 2013 /PRNewswire/ -- Cell Therapeutics, Inc. (CTI) (NASDAQ
and MTA: CTIC) announced today it has entered into a loan agreement with
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) providing for a senior
secured term loan of up to $15 million.

"The proceeds from this loan facility are expected to provide us with
additional operating capital to advance our Phase 3 clinical development
programs," said James A. Bianco, M.D., President and CEO of CTI. "Our primary
focus remains on our near-term strategic goals of completing the Phase 3
studies of pacritinib in patients with myelofibrosis, driving adoption of
PIXUVRI^® in Europe and securing non-equity based operating capital through
strategic partnerships."

The first $10 million of the term loan was funded at closing, and the
remaining $5 million is available at CTI's option at any time from November 30
through December 15, 2013, subject to the satisfaction of certain conditions.
The term loan is repayable over 42 months after closing, including an initial
interest-only period of 12 months after closing. CTI granted Hercules warrants
to purchase shares of common stock in an amount of up to 5 percent of the
total loan commitment. Further information with respect to the loan agreement
with Hercules is contained in a Current Report on Form 8-K filed today by CTI
with the Securities and Exchange Commission.

About Cell Therapeutics, Inc.

Cell Therapeutics (NASDAQ and MTA: CTIC) is a biopharmaceutical company
committed to the development and commercialization of an integrated portfolio
of oncology products aimed at making cancer more treatable. CTI is
headquartered in Seattle, WA. For additional information and to sign up for
email alerts and get RSS feeds, please visit the company's website at
www.CellTherapeutics.com.

About Hercules Technology Growth Capital, Inc.

Hercules Technology Growth Capital (NYSE:HTGC) is the leading specialty
finance company focused on providing senior secured loans to venture
capital-backed companies in technology-related markets, including technology,
biotechnology, life science and cleantech industries at all stages of
development. Since inception (December 2003), Hercules has committed more than
$3.4 billion to over 220 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital financing. For
more information please visit www.htgc.com, or call 650-289-3060.

Forward-Looking Statements

This press release contains 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 market price of CTI's
securities. Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the risk that risks
associated with market conditions and the satisfaction of customary closing
conditions related to loan agreement with Hercules Technology Growth Capital,
Inc.; the risk that CTI may not be able to draw-down additional funds from the
loan agreement; the risk that CTI cannot predict or guarantee the pace or
geography of enrollment of its clinical trials or the total number of patients
enrolled; risks that CTI's average net operating burn rate may increase; risks
related to developments in the biopharmaceutical industry, the outcome of
preclinical and clinical studies; risks related to regulatory approvals,
delays in commencement of preclinical and clinical studies; risks related to
the costs of developing, producing and selling CTI's drug candidates and
PIXUVRI; the risk that CTI may not be able to sustain its current cost
controls; and the risk that CTI may not be able to continue to raise capital
as needed to fund its operations, competitive factors, technological
developments, costs of developing, producing and selling CTI's drug candidates
and PIXUVRI; that CTI's operating expenses may continue to exceed its net
revenues; that CTI may not be able to further reduce its operating expenses;
and that CTI will continue to need to raise capital to fund its operating
expenses and may not be able to raise sufficient amounts to fund its continued
operation as well as other risks listed or described from time to time in
CTI's most recent filings with the 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.

Contacts:

Monique Greer
+1 206.272.4343
mgreer@ctiseattle.com

Ed Bell
+1 206.282.7100
invest@ctiseattle.com

SOURCE Cell Therapeutics, Inc.

Website: http://www.celltherapeutics.com