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Cell Therapeutics Announces Closing of Sale of Convertible Preferred Stock



  Cell Therapeutics Announces Closing of Sale of Convertible Preferred Stock

PR Newswire

SEATTLE, Sept. 19, 2013

SEATTLE, Sept. 19, 2013 /PRNewswire/ -- Cell Therapeutics, Inc. ("CTI")
(Nasdaq and MTA: CTIC) today announced the closing of its previously announced
sale of 15,000 shares of its Series 18 Preferred Stock directly to Quogue
Capital LLC and an affiliate of Perceptive Advisors LLC in a registered direct
offering conducted without an underwriter or placement agent for gross
proceeds of approximately $15 million (the "Offering").  On September 18,
2013, all of the shares of Series 18 Preferred Stock were converted and
investors received 15,000,000 shares of common stock issuable upon conversion.
The net proceeds from the Offering, after deducting estimated offering
expenses, were approximately $14.8 million.

CTI plans to use the net proceeds from the Offering to continue Phase 3 trials
of pacritinib and to support the commercialization of PIXUVRI^® (pixantrone)
in Europe as well as for general corporate purposes, which may include, among
other things, funding research and development, preclinical and clinical
trials, the preparation and filing of new drug applications and general
working capital. 

The securities described above were offered by CTI pursuant to a shelf
registration statement previously filed with the Securities and Exchange
Commission (the "SEC"), which the SEC declared effective on November 1, 2011. 
A prospectus supplement related to the Offering was filed with the SEC and is
available on the SEC's website located at http://www.sec.gov. 

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.  The shares of Series 18 Preferred Stock (and the shares of
common stock into which each share of Series 18 Preferred Stock will be
convertible) will not be offered, sold or distributed, directly or indirectly,
in Italy in an offer to the public of financial products under the meaning of
Article 1, paragraph 1, letter t) of Legislative Decree No. 58 of February 24,
1998, as amended (the "Financial Services Act"), unless an express exemption
from compliance with the restrictions on offers to the public, including,
without limitation, as provided under Article 100 of the Financial Services
Act and Article 34-ter of CONSOB Regulation No. 11971 of May 14, 1999, as
amended, applies.

About Cell Therapeutics, Inc.

CTI (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.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of
the Safe Harbor provisions of the Private Securities Litigation Reform Act of
1995.  Such statements are subject to a number of risks and uncertainties, the
outcome of which could materially and/or adversely affect actual future
results and the trading price of CTI's securities.  Such statements include,
but are not limited to, statements regarding CTI's expectations with respect
to the use of proceeds from the Offering.  Risks that contribute to the
uncertain nature of the forward-looking statements include, among others,
risks associated with market conditions and the satisfaction of customary
closing conditions related to the proposed Offering; risks associated with the
biopharmaceutical industry in general and with CTI and its product and product
candidate portfolio in particular including, among others, risks associated
with the following: that CTI cannot predict or guarantee the pace or geography
of enrollment of its clinical trials, that CTI cannot predict or guarantee the
outcome of preclinical and clinical studies, that CTI may not obtain
reimbursement for PIXUVRI in certain markets in the European Union as planned,
that the conditional marketing authorization for PIXUVRI may not be renewed,
that the second Phase 3 clinical trial of pacritinib will not occur as
planned, that CTI may not obtain favorable determinations by other regulatory,
patent and administrative governmental authorities, that CTI may experience
delays in the commencement of preclinical and clinical studies, risks related
to the costs of developing, producing and selling PIXUVRI, pacritinib, and
CTI's other product candidates, and other risks, including, without
limitation, competitive factors, technological developments, that CTI's
operating expenses continue to exceed its net revenues, that CTI may not be
able to sustain its current cost controls or further reduce its operating
expenses, that CTI may not achieve previously announced goals and objectives
as or when projected, that CTI's average net operating burn rate may increase,
that CTI will continue to need to raise capital to fund its operating
expenses, but 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.

PIXUVRI is a registered trademark of Cell Therapeutics, Inc.

Contacts:

Monique Greer
+1 206-272-4343
mgreer@ctiseattle.com

Ed Bell
+1 206-282-7100
ebell@ctiseattle.com

In Europe:

CTI Life Sciences Limited, Milan Branch
Laura Villa
E: lvilla@cti-lifesciences.com
T: +39 02 89659706
http://www.celltherapeutics.com/italiano

SOURCE Cell Therapeutics, Inc.

Website: http://www.celltherapeutics.com
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