From Earlier: Cell Therapeutics Announces Proposed Public Offering of 40k Shares Convertible PreferredStock

Cell Therapeutics, Inc. ("CTI") (Nasdaqand MTA: CTIC) today announced that it intends to offer and sell, subject tomarket and other conditions, 40,000 shares of its Series 17 Preferred Stock inan underwritten public offering(the "Offering").  Each share of Series 17Preferred Stock will have a stated value of $1,000 per share and will beconvertible at the option of the holder, at any time after issuance, intoshares of common stock prior to the automatic conversion of such shares incertain circumstances.  Shares of the Series 17 Preferred Stock will receivedividends in the same amount as any dividends declared and paid on shares ofcommon stock, but would be entitled to a liquidation preference over thecommon stock in certain liquidation events.  The Series 17 Preferred Stockwill have no voting rights on general corporate matters.