Cell Therapeutics, Inc. Announces Change of Name to CTI BioPharma Corp.

   Cell Therapeutics, Inc. Announces Change of Name to CTI BioPharma Corp.

PR Newswire

SEATTLE, May 30, 2014

SEATTLE, May 30, 2014 /PRNewswire/ --Cell Therapeutics, Inc. (CTI or the
Company) (NASDAQ and MTA: CTIC), a biopharmaceutical company focused on
acquiring, developing and bringing to market novel targeted therapies for
blood-related cancers, today announced that it will change its corporate name
to CTI BioPharma Corp. effective May 30, 2014. The Company's common stock will
continue to trade under its current ticker symbol: "CTIC."

CTI BioPharma Corp. Logo

"The rebranding from Cell Therapeutics to CTI BioPharma comes at a defining
moment in our company's history and better reflects who we are today and our
aspirationsfor becoming a leader in developing therapies for patients with
blood-related cancers," said James A. Bianco, M.D., President and CEO of CTI
BioPharma. "From the beginning, CTI has looked at potential therapies from the
patient's perspective to address both the clinical need and the impact
treatment can have on a patient's life. This inspires everything we do and is
evident in the drugcandidateswe are currently pursuing andthosewe'll look
to acquire. Currently, we have a growing commercial presence in Europe for
PIXUVRI® (pixantrone) for patients withrelapsedaggressive B-cell non-Hodgkin
lymphoma, and a promising late-stage pipeline that includes a Phase 3 program
forpacritinib, anovelJAK2/FLT3 inhibitor, for patients with myelofibrosis."

The change of the company's name will entail, effective May 30, 2014, a change
in the CUSIP code associated with CTI shares from 150934883 to 12648L 106,
together with a change in the ISIN code associated with CTI shares from
US1509348835 to US12648L1061. No action is required by shareholders with
respect to this change.

CTI will change its corporate website from www.celltherapeutics.com to

The Company will amend its bylaws and file an amendment to CTI's articles of
incorporation to reflect the change of the name with the Secretary of State of
the State of Washington. CTI will file a Current Report on Form 8-K, including
a copy of the aforesaid amendments to its articles of incorporation and
bylaws, with the U.S. Securities and Exchange Commission (the "SEC") and the
offices of CTI's Italian branch.Copies of such amendments and Current Report
on Form 8-K will be available on the Company's new website,
www.ctibiopharma.com, in the "Investors" section. The Company's wholly-owned
European subsidiary, CTI Life Sciences Limited, will remain unchanged.

About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) is a biopharmaceutical company
focused on the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers that offer a
unique benefit to patients and healthcare providers. The Company has a
commercial presence in Europe and a late-stage development pipeline, including
pacritinib, CTI's lead product candidate that is currently being studied in a
Phase 3 program for the treatment of patients with myelofibrosis. CTI
BioPharma is headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited. For additional information and
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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 development of CTI and its product and product candidate portfolio, the
growth of CTI's commercial presence in Europe for PIXUVRI and the proposed
change in CTI's corporate name. Risks that contribute to the uncertain nature
of the forward-looking statements include, among others, risks associated with
the biopharmaceutical industry in general and with CTI and its product and
product candidate portfolio in particular, as well as other risks listed or
described from time to time in CTI's most recent filings with the SEC 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.

Monique Greer
+1 206-272-4343

Ed Bell
+1 206-282-7100

In Europe:

CTI Life Sciences Limited, Milan Branch
Laura Villa
+39 02 94751572

Logo - http://photos.prnewswire.com/prnh/20140529/92480

SOURCE Cell Therapeutics, Inc.

Website: http://www.celltherapeutics.com
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