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

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