CTI completes sale of 15,000 shares to Quogue Capital

Cell Therapeutics, Inc. ("CTI") (Nasdaq and MTA: CTIC) today announced the closing of its previously announced sale of 15,000 shares of its Series 18 Preferred Stock directly to Quogue Capital LLC and an affiliate of Perceptive Advisors LLC in a registered direct offering conducted without an underwriter or placement agent for gross proceeds of approximately $15 million (the "Offering").  On September 18, 2013, all of the shares of Series 18 Preferred Stock were converted and investors received 15,000,000 shares of common stock issuable upon conversion. The net proceeds from the Offering, after deducting estimated offering expenses, were approximately $14.8 million.

CTI plans to use the net proceeds from the Offering to continue Phase 3 trials of pacritinib and to support the commercialization of PIXUVRI^® (pixantrone) in Europe as well as for general corporate purposes, which may include, among other things, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital. 

The securities described above were offered by CTI pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on November 1, 2011.  A prospectus supplement related to the Offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov.