Cell Therapeutics reduces workforce to cut operating costs

Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) (the "Company") today announced it has conducted an immediate reduction in force of 36 employees.  The Company expects the reduction in force and elimination of previously planned increase in commercial personnel along with a reduction in planned operating expenses to result in savings of approximately $16 million in 2010.

The Company's total projected operating expenses, excluding equity based compensation, are expected to be approximately $60 million in 2010, which is a 21% reduction from its previously projected estimates. As a result of reducing these expenses, the Company is targeting an average net operating burn rate of approximately $4.4 million per month starting in the second quarter of 2010.