Cell Therapeutics Announces Institutional Investor to Purchase $40M of Convertible Preferred Stock and Warrants to Purchase Common Stock

Cell Therapeutics, Inc.

today announced that it has entered into an agreement to sell, subject to customary closing conditions, $40 million of shares of its Series 15 Convertible Preferred Stock and warrants to purchase shares of its common stock (and the shares of common stock issuable from time to time upon conversion of the Series 15 Convertible Preferred Stock and exercise and exchange of the warrants) in a registered offering to an institutional accredited investor in two $20 million tranches.