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Cell Therapeutics, Inc. Announces Single Institutional Investor Purchases $15 Million of Preferred Stock
Cell Therapeutics, 04/14/09

Cell Therapeutics, Inc. announced that it has agreed to sell up to $20 million of Series 1 Preferred Stock and warrants in a registered offering to a single institutional investor. The investor initially purchased, for $15 million cash, shares of Series 1 Preferred Stock with a stated value of $15 million and certain associated common stock warrants and has the right to, within 60 days, purchase for an additional $5 million cash additional shares of Series 1 Preferred Stock with a stated value of $5 million with no additional warrants. The Series 1 Preferred Stock is convertible into shares of common stock at a conversion price of $0.30. The investor received 45% warrant coverage on the initial $15 million purchase.

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