Cell Therapeutics, Inc. Closes $6.5 Million Offering

SEATTLE, Dec. 4 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq and MTAX: CTIC) today confirmed that it has received approximately $6.5 million from the sale of its 7% Convertible Preferred Stock and warrants in a previously announced registered offering to several institutional investors, including existing securities holders. CTI sold 6,500 shares of Series D convertible preferred stock, together with warrants, to investors at the negotiated price of $1,000 per share of Series D convertible preferred stock. The Preferred Stock is convertible into 2,488,037 shares of common stock, at a conversion price of $2.6125 per share. The Company also issued warrants to purchase up to 1,244,016 shares of common stock, with an exercise price of $2.55 per share.

Rodman & Renshaw, LLC acted as the exclusive placement agent for the offering.

A shelf registration statement and prospectus supplement relating to the preferred stock and warrants issued in the offering has been filed with the Securities and Exchange Commission and has become effective. 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 our Convertible Preferred Stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

SOURCE Cell Therapeutics, Inc.